Eurozone Inflation Hits 3.3% Last Month, Highest in Three Years

The inflation rate in the Eurozone (21 countries using the euro) hit a three-year high last month amid a sharp surge in energy prices.

According to Eurostat, the statistical office of the European Union, on the 1st local time, preliminary figures showed that Eurozone consumer prices rose 3.3 percent in August compared to the same month last year.

This marks the steepest increase in about three years since September 2023 (4.3 percent).

Energy prices surged by 14.3 percent, driving up the overall inflation rate, as the ongoing war between the United States and Iran lasting over six months led to a continued blockade of the Strait of Hormuz.

The energy price inflation rate in August significantly exceeded the previous month's 10.3 percent.

The services sector followed with 3.0 percent, while core inflation—which excludes volatile items such as energy, food, and alcohol—slowed slightly to 2.4 percent compared to the previous month (2.5 percent).

Expectations are growing that the European Central Bank (ECB) will raise interest rates again at its monetary policy meeting this month, following the move in July, to curb the soaring inflation trend.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.