Eurozone inflation fears were stoked further on Friday when February’s rate was revised upwards to a fresh 14-year high of 3.3 per cent, strengthening the European Central Bank’s case for keeping its interest rates firmly on hold.

The latest figure, up from the 3.2 per cent reported initially, provided the latest evidence that the surge in price pressures is proving significantly longer-lasting than the ECB had envisaged. The rise has been driven by fuel and food price increases.