Eurozone consumer prices rose by a record 5.8 per cent in February, underscoring fears that the war in Ukraine will drive up the cost of living and increasing pressure on the European Central Bank ahead of its meeting next week.

February’s flash estimate for annual eurozone inflation was up from 5.1 per cent in January and was above the 5.4 per cent average forecasts of economists polled by Reuters. ECB vice-president Luis de Guindos described the inflation figure for February as “a negative surprise” and predicted that the war in Ukraine would raise prices further and hit growth.

The jump in the cost of living in the eurozone to well above the ECB’s 2 per cent inflation target has put the central bank in a difficult spot, creating tension between officials who are pushing for tighter monetary policy to tackle inflation and those who want a pause to assess the economic impact of Russia’s invasion of Ukraine.