Eurozone inflation rate rises to 3.3% in August

According to preliminary data released by Eurostat on September 1, the annual inflation rate in the Eurozone for August 2026 was 3.3%, a significant increase from 2.9% in July. The data shows that energy prices in the Eurozone rose by 14.3% year-on-year in August, expanding markedly from July’s increase of 10.3%, making it the main driver of the overall inflation rate. Service prices increased by 3.0% year-on-year, lower than July’s 3.3%. Non-energy industrial goods prices rose by 1.2% year-on-year, up from 0.9% in July. Prices of food, alcoholic beverages, and tobacco rose by 1.2% year-on-year, matching the increase seen in July. Excluding energy, food, alcoholic beverages, and tobacco, the core inflation rate in the Eurozone for August was 2.4%, slightly lower than July’s 2.5%. By country, the inflation rates of major Eurozone economies generally rebounded in August. Germany’s inflation rate increased from 2.8% in July to 2.9%, France from 2.4% to 2.7%, Italy from 2.9% to 3.2%, and Spain from 3.9% to 4.5%. Olli Rehn, a member of the European Central Bank’s Governing Council and Governor of the Bank of Finland, recently warned that in the face of current inflationary pressure, the European Central Bank “must not lose vigilance.” (Xinhua News Agency)