Eurozone inflation rises to 3.3 percent in August as energy prices jump

Eurozone inflation rose sharply to 3.3 percent in August. This increase follows a 2.9 percent rate in July. Higher energy costs are driving the sudden rise in prices across Europe.

Eurostat released these preliminary figures today. The eurozone includes European countries that use the euro currency. Denmark maintains a fixed exchange rate policy with the euro.

Dansk Metal chief economist Erik Bjoersted commented on the new data. He noted that inflation was under control before recent conflicts. Inflation was previously close to the European Central Bank target of two percent.

Oil prices then jumped from around 70 dollars to over 100 dollars per barrel. Higher energy prices quickly pushed up overall inflation. Local residents may notice rising costs for daily items and heating.