Germany’s annual inflation rate rose to a higher-than-expected 7.9% in August compared to the previous month, according to preliminary data published on Tuesday by the Federal Statistical Office, APA reports citing Tele Trader.

The monthly reading also reflected additional price pressures, with consumer prices rising by the expected 0.3%.

Markets expect inflation to remain elevated and eventually make another spike next month, with all eyes on the upcoming interest rate hike from the European Central Bank.

Source: Azeri-Press News Agency