{"text":[[{"start":7.86,"text":"Eurozone inflation accelerated to 3.3 per cent in August as the European Central Bank prepares to raise interest rates for the second time this year to contain price pressures sparked by the Iran war."}],[{"start":19.84,"text":"Tuesday’s annual inflation estimate from Eurostat was in line with economists’ forecast in a Reuters poll and above July’s reading of 2.9 per cent."}],[{"start":28.4,"text":"The ECB is widely expected to raise rates by a quarter point to 2.5 per cent next week, which would be its second increase in borrowing costs since 2023."}],[{"start":38.6,"text":"“With inflation still accelerating, the ECB is all but certain to hike at next week’s meeting,” consultancy Oxford Economics said in a note to clients."}],[{"start":47.44,"text":"August was the sixth consecutive month during which inflation in the 21-country bloc exceeded the ECB’s medium-term target of 2 per cent."}],[{"start":56.08,"text":"Annual core inflation, which excludes volatile food and energy prices, fell to 2.4 per cent compared with 2.5 per cent in July. But energy inflation shot up from 10.3 per cent in July to 14.3 per cent in August, the fastest price growth since early 2023 during the European energy crisis triggered by Russia’s full-scale invasion of Ukraine."}],[{"start":79.32,"text":"Ahead of the latest data, Finnish central bank governor and ECB governing council member Olli Rehn told the FT that Eurozone policymakers must “show no complacency” in the face of inflationary pressures. “We cannot afford any affordability crisis in Europe,” he said."}],[{"start":95.44,"text":"Oil prices have increased by more than 15 per cent since the start of August as shipping through the Strait of Hormuz remains constrained, reigniting investors’ fears that the global economy faces a bout of prolonged inflation and sending bond yields higher. On Tuesday, UK borrowing costs hit their highest since 2008, while Japanese bond yields rose to levels not seen since the 1990s."}],[{"start":117.72,"text":"The increase in energy prices in the Eurozone in August was “broad based” as it affected not only transport fuel “but also gas and now even electricity”, said Kamil Kovar, economist at Moody’s Analytics. This would make another increase in rates by the ECB following next week’s widely anticipated move more likely, Kovar argued. “Our odds of a December hike increased to 50-50 by now,” he added."}],[{"start":145.24,"text":"The closely watched figure for services inflation dipped to 3 per cent in August after 3.3 per cent in July. The gauge of domestic price pressures has remained well above the ECB’s target for more than three years."}],[{"start":158.8,"text":"The ECB raised interest rates in June, making it the first G7 central bank to lift borrowing costs in response to the Iran conflict."}],[{"start":167.46,"text":"The euro was flat at $1.159 following the release of August’s figures."}],[{"start":177.37,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1788258626_5095.mp3"}