Eurozone inflation hits three-year high, raising expectations of another rate hike

The annual figure was expected by analysts but still represents a substantial increase from 2.9 percent in July. The increase is primarily due to rising energy prices, which were up 14.3 percent year-on-year in August.

Among individual countries, inflation is particularly noticeable in Spain at 4.5 percent, compared with 3.9 percent in July. The highest inflation rates are still in Lithuania at 5.8 percent and Bulgaria at 5.7 percent, according to Eurostat.

Overall inflation is at its highest level in three years, and analysts expect the European Central Bank to raise interest rates next week.