Inflation in the euro area accelerated to 3.3% in August, the highest level since September 2024, mainly due to the rising energy prices caused by the war with Iran and the blockage of the Strait of Hormuz. Markets now consider a new interest rate hike by the European Central Bank almost certain.
The ECB has already raised the main interest rate to 2.25% in June, the first increase in 2023, in response to global inflationary pressures generated by the conflict with Iran.
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