BlockBeats News, July 31st. Driven by the surge in oil prices following the breakdown of the US-Iran ceasefire agreement, the Eurozone saw a rebound in July inflation, further strengthening market expectations of another interest rate hike by the European Central Bank.

Data released by Eurostat on Friday showed that Eurozone consumer prices rose by 2.9% year-on-year in July, up from 2.8% in June.

This data is in line with the median expectation of economists, with inflation figures released earlier by France and Spain surpassing market expectations. In the Eurozone, energy prices rose by 10%; service prices, as well as the core inflation index excluding volatile items such as energy and food, also accelerated.