Eurozone Inflation Rebounds to 2.9% as Energy Costs Surge 10%

July CPI hits 2.9% YoY, driven by 10% energy price jump. Core inflation accelerates, reinforcing ECB rate hike expectations amid geopolitical oil shocks.

Woofun AI data shows that Eurozone consumer prices rose 2.9% year-on-year in July, up from 2.8% in June, aligning with median economist forecasts. This rebound follows a breakdown in the US-Iran ceasefire agreement, which triggered a surge in oil prices. Energy costs within the Eurozone increased by 10%, while service prices and the core inflation index also accelerated. Earlier releases from France and Spain had already exceeded market expectations, further strengthening the likelihood of an interest rate hike by the European Central Bank.