Eurostat, the European Union’s statistical office, released figures moments ago showing that annual inflation in the Eurozone rose to 2.9% in July, up from 2.8% in June, matching market expectations.

The largest contributor to inflation in July was the energy sector, which jumped 10.0% after growing 8.5% in June. Services rose 3.3% from 3.2% in June, while the food, alcoholic beverages, and tobacco sector slowed to 1.2% from 1.5%. The non-energy industrial goods index rose 0.9% from 0.7%.

The core index, which excludes food and energy prices, rose 2.5% in July, up from 2.4% in June, exceeding market expectations of 2.4%.