Eurozone consumer inflation and Irish factory prices reignite fears about outlook

8.2% inflation in Ireland and record price rises across the EU raise the prospect of even more aggressive ECB interest rate hikes

Irish inflation climbed to 8.2% in May and consumer prices across the eurozone rose by a record, reigniting the debate about whether the European Central Bank will be forced to hike interest rates this summer more aggressively than it apparently wants.

The ECB will be closely watching the latest figures as a debate rages between doves and hawks in the central bank about how quickly to hike interest rates to counter inflation.