According to CoinMeta, inflation rates in Spain and France have both risen, further strengthening the case for the European Central Bank (ECB) to raise interest rates next month. In Spain, inflation in early August CPI rose by 4.5% year-on-year, the highest level since 2023, although it was slightly below the market forecast median. In France, the harmonized CPI inflation rate accelerated to 2.7%. The increase in inflation in both countries is driven by energy prices due to ongoing conflicts in the Middle East. Analysts expect that the overall inflation data for the eurozone will be released next week, with an increase of more than 3%. Investors have fully factored in the ECB's expectation of raising interest rates by 25 basis points in September, which would be another move following the first rate hike in June. The market expects that the ECB will raise interest rates again by the spring of 2027.