Eurozone inflation rises to 3.3 percent due to expensive energy

Inflation in the eurozone rose to 3.3 percent in August, compared to 2.9 percent in July. The increase is mainly due to higher energy prices, which have risen by 14.3 percent over the past year. The European Central Bank (ECB) is set to make a new interest rate decision on September 10, with an increase of 0.25 percentage points to 2.5 percent expected. This could make borrowing more expensive and reduce spending by households and businesses. Prices in the eurozone rose by 0.4 percent in August compared to July, with energy prices increasing by 2.9 percent in just one month. Core inflation, which excludes energy, food, alcohol, and tobacco, fell from 2.5 to 2.4 percent. Inflation in services decreased from 3.3 to 3 percent, indicating that the higher energy costs have not yet broadly affected other prices. Food, alcohol, and tobacco prices rose by 1.2 percent compared to a year ago.

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