Greece’s annual inflation rate is expected to rise to 5.1% in September from 3.7% in August, according to a flash estimate released by Eurostat on Friday, as inflation across the eurozone also accelerated sharply.

Annual inflation in the 20 countries that use the euro is expected to reach 3.8% in September, up from 3.2% in August. That would be the highest rate in three years and nearly double the European Central Bank’s 2% target.

The acceleration is mainly attributed to a surge in energy prices amid heightened energy pressures linked to the conflict in the Middle East.

Energy is expected to record the highest annual inflation rate among the main components in September, at 18.8%, up from 14.3% in August. Services follow at 3.2%, up from 3.0%, while food, alcohol and tobacco prices are expected to rise 1.4%, compared with 1.1% in August. Inflation in non-energy industrial goods is expected to ease to 1.1% from 1.2%.

Greece is expected to have the fifth-highest inflation rate in the eurozone in September, behind Lithuania at 6.1%, Bulgaria at 5.6%, and Cyprus and Luxembourg at 5.2%.

Spain follows Greece at 5.0%, while Belgium is at 4.6%.

The lowest inflation rates are expected in Malta at 2.2%, Finland at 2.6%, Latvia at 2.9%, and Estonia and the Netherlands at 3.0%.

Source: Ekathimerini.com