Eurozone inflation climbed to 3.3% in August 2026, up from 2.9% in July, according to a flash estimate from Eurostat, the statistical office of the European Union.
The increase was largely driven by energy, as global oil and gas prices surged amid the war in Iran and disruption to shipping through the Strait of Hormuz. Energy prices rose by 14.3% in the year to August, accelerating from 10.3% in July.
Leo Barincou, senior economist at Oxford Economics, said: "This was driven by a rebound in fuel prices following the renewed closure of the Strait of Hormuz, while underlying price pressures remained contained as services inflation came down. Inflation should remain well above target into next year, as higher gas and food prices put additional upward pressure on the index."
Food, alcohol and tobacco prices rose by 1.2%, unchanged from July.
Services inflation — a more persistent measure closely watched by the ECB — eased from 3.3% to 3.0%.
