German Inflation Hits Highest Level Since April Amid ECB Rate Hike Pressure

German inflation ticked up in August, reaching its highest level since April. Consumer prices rose 2.9% annually, surpassing the previous month's 2.8% increase. This development strengthens the case for an interest rate hike by the European Central Bank next month.

The inflation figure of 2.9% was below the median estimate of 3.1% in a Bloomberg survey. The data is significant as it comes ahead of the ECB's decision on interest rates, which is expected to be announced in September.