High energy and food costs in the eurozone pushed annual price rises to 4.1 per cent in July, a 10th of a point higher than the level seen in June and another record for the nine-year-old single currency region.

Eurozone inflation is running at more than double the “close to but just below” 2 per cent level the European Central Bank sees as providing price stability. But economists do not think this will usher in a rate rise in the way the previous month’s record inflation did.