Inflation in the eurozone hit a 20-month high last month. European Union data has shown annual inflation in the 16-nation bloc rose to 1.7 per cent in July, up from 1.4 per cent in June and the highest rate since November 2008. Across all 27 nations in the European Union, prices were up 2.1 per cent in July, compared with a rise of 1.9 per cent in June. Some countries – Finland, Greece, Spain, Portugal and Romania – raised their rates of VAT in July, which also helped to push prices higher.