Eurozone inflation has surged back to the record levels seen earlier this year, German data suggested on Wednesday, as soaring oil prices all but ruled out any early cut in European Central Bank interest rates.

Germany’s annual inflation rate leapt from 2.6 per cent in April to 3 per cent this month on a European harmonised basis, the country’s statistical office reported. Heating oil prices had risen by up to 13 per cent compared with April, and diesel by 9 per cent.