Inflation in Greece stood at 3.1% in August from 3% in July, according to Eurostat's preliminary data, while a notable drop was recorded in the eurozone, where it stood at 2.2% in August from 2.6% in July.

At the Eurozone level, it was the services sector that gave the biggest boost to the overall price index, rising 4.2% from 4% in July, followed by food, alcohol, and tobacco inflation at 2.4% from 2.3% in the previous month.

The non-energy industrial goods sector made a marginal contribution (+0.4% from 0.7% in July), while the energy sector declined with -3% in August from 1.2% in July.

Based on the estimates, Greece has the fifth highest inflation rate, after Belgium (4.5% from 5.4%), Estonia (3.4% from 3.5%), the Netherlands (3.3% from 3.5%), and Slovakia (3.2% from 3%).

These data may be crucial for the next ECB meeting in September, where the ECB will assess whether to cut lending rates further.