Eurozone inflation rises to estimated 3.3% in August
Translated from German and summarized by DistantNews. Read the original for the full story.
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- Eurozone inflation rose to an estimated 3.3% in August from 2.9% in July, according to preliminary Eurostat data.
- Energy prices increased 14.3%, while inflation stood at 1.2% for food, alcohol and tobacco and 3% for services.
- The figures could influence the European Central Bank’s interest-rate decision on Sept. 10, as officials signal a possible rate increase.
Inflation in the eurozone accelerated sharply in August, with energy costs emerging as the main driver of the increase. Eurostat’s preliminary estimate put annual inflation at 3.3%, up from 2.9% in July.
Energy prices rose 14.3% year on year, compared with a 10.3% increase in July. Price growth elsewhere remained more contained. Food, alcohol and tobacco recorded inflation of 1.2%, while services became 3% more expensive, according to the early figures.
The estimate comes before the European Central Bank’s interest-rate meeting on Sept. 10. Higher inflation could affect the decision, particularly as signals have recently increased that the ECB may respond with a rate increase.
The figures remain provisional and could be revised. The report said the story would be updated.
About this summary
Originally published by Die Zeit in German. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.
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