German inflation unexpectedly accelerates in February

EU-harmonized prices rose by 9.3% compared with the same month a year before, preliminary data from the federal statistics office showed, beating analyst expectations of a rise of 9.0% and slightly higher than January's 9.2% increase.

Compared to January, prices increased by 1.0%, the office added, also beating forecasts of a 0.7% month-on-month rise.

The surprise inflation figures from Europe's largest economy come a day after two of the euro zone's biggest economies - Spain and France - also posted unexpected rises.

The ECB has raised interest rates by 300 basis points since July and promised another over-sized move in March, but some policymakers have called for more measured action after March as inflation is now off the highs it hit in October.

Bundesbank President Joachim Nagel pushed back on those calls earlier on Wednesday, saying recent energy price falls may help bring down inflation in the near term, but they do not impact the medium term and price growth was at risk of getting stuck above the ECB's 2% target.

"The interest rate step announced for March will not be the last," Nagel said in a speech. "Further significant interest rate steps might even be necessary afterwards."