German Inflation Hits Three-Month High Amid Eurozone Expectations

Germany's annual inflation rate has hit its highest level in three months, rising to 2.8% in July from 2.4% in June, according to data released by the country's statistics office.

The figure matches the median forecast and comes as Spain's inflation rate unexpectedly surged to 3.8%, outpacing expectations.

Economists predict that annual inflation across the 21-member eurozone will tick up to 2.9% later this week, when data from France, Italy, and the euro area are released.