Eurozone inflation rose to 2.9 per cent in July, bolstering the case for the European Central Bank to raise interest rates again in September to contain the price pressures unleashed by the war in the Middle East.
Friday’s flash estimate, which was in line with economists’ forecasts in a Reuters poll, was up from 2.8 per cent in June, reflecting the renewed rise in fuel and natural gas prices.
It marked the fifth consecutive month that price growth in the 21-country bloc has exceeded the ECB’s medium-term target of 2 per cent. Inflation rose across France, Germany and Spain and overshot the ECB’s 2 per cent target in every country bar Estonia.
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