Inflation seems to be building for non-energy industrial goods in the eurozone, the European Central Bank (ECB) said in its latest Economic Review, driven by price increases for imported intermediate goods. But it cautioned that these pressures might not feed through to the eurozone’s harmonised index of consumer prices.

Evidence pointed to a build-up of these so-called “pipeline pressures” at early stages of the production and pricing chains, the ECB said. There was also some evidence of