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Eurozone industrial price growth accelerated sharply in June, underlining the effects of a jump in energy prices and other input costs.

Industrial prices were up 3.6 per cent in June from the same month in the previous year — the fastest rate of growth since April 2017, according to FactSet data. Economists surveyed by Reuters had forecast a slighly weaker pickup to 3.5 per cent, from the May reading of 3 per cent.

The report represents that latest evidence of the upswing in price growth across the currency bloc and other major economies, driven by a higher oil price and growing costs for other key inputs. Typically, the prices paid by producers are a leading indicator of consumer prices, which have also been pushing higher in recent months.

Price rises in the energy sector clocked in at 9.5 per cent, according to the data released by Eurostat on Thursday. Intermediate goods rose 3 per cent, while those for durable and capital goods were up roughly 1 per cent each.

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