The annual inflation rate in the Eurozone rose to 1.7 percent in July, the European Union (EU)'s statistical bureau Eurostat confirmed its first estimate on Monday. The figure was 0.3 percentage point higher than that in June, moving closer to the 2 percent target set by the European Central Bank to maintain price stability. For the 27-member EU, the annual inflation rate reached 2.1 percent in July, up from 1.9 percent in June, according to Eurostat. In July, Ireland saw the lowest annual rate, which was -1.2 percent, while Romania registered the highest rate, which was 7.1 percent, followed by Greece and Hungary, which was 5.5 percent and 3.6 percent respectively. Germany, the largest economy in the Eurozone, saw its prices increase by 1.2 percent. According to Eurostat, the main factors that drove the annual inflation rates up were transport, alcohol and tobacco, and housing. 