Eurozone consumer inflation rose to its highest-ever level at 9.1%, putting additional pressure on the European Central Bank (ECB) to hike rates.
Cryptocurrency markets continued to trade flat as the news broke. Market leader Bitcoin is up 0.1% during the last hour, while Ethereum is up 0.25% over the same period.
Meanwhile, European indices reacted by selling off, the DAX is down by over 100 points, and the FTSE fell by 77 points.
The ECB is scheduled to meet on September 8, where analysts expect officials to implement a massive rate hike to reign in out-of-control food and energy prices. A 75 basis point hike is likely, considering the scale of price pressures.
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