Consumer prices in the eurozone rose a record 5.1 per cent in January from a year earlier. This was a result of steeper increases in energy and food prices, only partially offset by slower growth in prices of manufactured goods, meaning inflation rose from its previous eurozone record of 5 per cent in December. This was contrary to the widespread expectations for eurozone inflation to fall at the start of this year. Economists polled by Reuters had on average forecast eurozone inflation of 4.4 per cent in January. Markets this week therefore pulled forward expectations of tighter eurozone monetary policy, with a rise in the ECB's deposit rate to minus 0.25 per cent — from minus 0.5 per cent — now priced in by December. This surprise headline inflation print is only heightening the pressure on the European Central Bank to respond with tighter monetary policy, especially as other central banks around the world gear investors towards a world of higher interest rates.