Eurozone inflation hits 3.3% in August
Inflation in the eurozone accelerated to 3.3% year-on-year in August, reaching its highest level since September 2023, driven by rising energy prices due to the escalation of the conflict in the Middle East.
Consensus
- Inflation in the eurozone reached 3.3% year-on-year in August.
- This was the highest level since September 2023.
- The increase was driven by rising energy prices, which rose 14.3% year-on-year.
- Prices for industrial goods, food, tobacco, and alcohol rose by 1.2% on average.
- Monthly inflation increased to 0.4% in August from 0.2% in July.
- The data is preliminary and will be finalized on 17 September.
- The rise in inflation coincided with the consensus forecast of analysts.
Points of divergence
- The highest inflation rates were recorded in Lithuania (5.8%), Cyprus (5.2%), Bulgaria (5.1%), Spain (4.5%), and Belgium (4.2%). — kommersant
- Inflation in the eurozone averaged near 2% throughout 2025, with acceleration starting after the Middle East conflict began. — kommersant
- Closure of the Strait of Hormuz caused supply disruptions and global shortages of energy carriers, affecting the eurozone as a major net importer of gas and oil. — kommersant
- Inflation rose to 2.6% in March from 1.9% in February following the conflict escalation. — kommersant
- Core inflation (excluding food and energy) slowed to 2.4% from 2.5% in the previous month. — interfax
- Service prices growth slowed to 3% from 3.3%. — interfax
- Analysts expected the core inflation rate to remain unchanged from July. — interfax
Coverage (2 sources)
- Inflation in the eurozone rose to 3.3% in August — Коммерсантъ
- Inflation in the eurozone accelerated to a maximum since 2023 in August — Интерфакс