The European Union's statistics office, Eurostat, reported that consumer prices in the 19 countries using the euro rose 0.1% month-on-month in July for an 8.9% year-on-year increase. This is the highest rise since the euro was created in 1999.

Eurostat said that of the total, 4.02 percentage points came from more expensive energy, which is up due to the Russia-Ukraine war. 2.08 percentage points stem from higher food, alcohol and tobacco costs.

Last month, the European Central Bank launched a tightening cycle following years of ultra-loose monetary policy. However, the cost of services still increased by 3.7% year-on-year in July, contributing 1.6 percentage points to the final outcome.

It was recently reported that UK inflation has now exceeded 10%, prompting thousands to sign a petition urging the government to introduce an emergency budget.