According to CoinMeta, data released by the European Union Statistical Office on Tuesday showed that due to rising energy costs, the inflation rate in the 21 member countries of the eurozone rose from 2.9% in July to 3.3% in August. This increase further solidifies market expectations for the European Central Bank (ECB) to raise interest rates again this month. As the war in Iran continues to put upward pressure on prices, the ECB's rationale for raising interest rates is now quite sufficient. Although the potential price pressures remain modest, the rise in crude oil and natural gas prices is reassuring to policymakers, as it indicates that the surge in energy prices has not yet triggered a second round of effects that could sustain high inflation.