According to CoinMeta, Germany's inflation rate has risen slightly, further strengthening the case for the European Central Bank (ECB) to raise interest rates next month. In August, consumer prices rose by 2.9% year-on-year, higher than the 2.8% increase in the previous month and reaching the highest level since April, but lower than the analysts' median forecast of 3.1%. As a peace agreement in the Middle East remains elusive, energy prices have once again become the main driver of inflation, while service and food prices have seen a decline. Previously, data from France and Spain also indicated that rising oil and gas prices are driving inflation across the region, increasing the pressure on the ECB to take action. ECB officials have already raised interest rates once and are expected to do so again on September 10. Traders are betting that monetary policy will be further tightened next year.