According to CoinMeta, an analyst from the Oxford Institute for Economics named Iain Simmons stated that the inflation rate in the eurozone is still above the target level and faces significant risks in the future. Due to the escalating tensions in the Middle East, which have led to high energy prices, the overall inflation rate rose by 0.1 percentage points in July to 2.9%. He pointed out that since the breakdown of the ceasefire agreement with Iran, the risk of more widespread inflationary effects has increased significantly, which strengthens the case for a interest rate hike in September. He also mentioned that although inflation data indicates a relatively mild response to the escalating tensions in the Middle East, the second round of wage increases later this year may be limited.