Eurozone inflation rises to 3.3% in August driven by energy surge
Inflation climbed to 3.3% in August, up from 2.9% in July, with energy prices surging due to geopolitical tensions near the Strait of Hormuz.
Eurozone inflation reached 3.3% in August 2026, an increase from 2.9% recorded in July. Eurostat released a flash estimate indicating the rise was primarily caused by energy costs. Oil and gas prices surged year-on-year to 14.3% as global markets reacted to war in Iran and shipping disruptions around the Strait of Hormuz. Energy prices specifically increased by 2.9% on a monthly basis, accounting for most of the overall inflation jump. Leo Barincou, senior economist at Oxford Economics, noted that fuel price rebounds contributed significantly to the index while services inflation eased from 3.3% to 3.0%. Core inflation, excluding volatile energy and food items, fell from 2.5% to 2.4%. Food prices rose by 1.2%, remaining flat compared to July. Overall monthly price growth stood at 0.4%.
