Inflation in the Euro Zone remained steady in August, coming in at 5.3% according to preliminary data. This was higher than expected by analysts and poses a challenge for the European Central Bank (ECB). Food prices were the main driver of inflation but decreased slightly from the previous month. Core inflation, which excludes volatile items, also declined by 0.2 percentage points. ECB Member Robert Holzmann stated that the data shows inflation is still persistent and poses a "conundrum" for the central bank. The ECB is set to meet on September 14 to discuss potential rate hikes.
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