Eurozone inflation reaches 10-year high at 3%

Inflation

Year-on-year eurozone inflation rose to 3% in August, according to early estimates published by the European Union’s official statistical agency, Eurostat.

If confirmed, this would be the highest inflation reading in the bloc since November 2011. This is likely to encourage hawkish members of the European Central Bank’s (ECB) governing council to demand a reduction in the rate of asset purchases at the next policy meeting on September 9.

As in previous months, energy prices were the key factor

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