I'm not a financial analyst (so beware here). But, as I read it, it could have more than one meaning (thus the need for context).
I assume it means:
by currency and pricing as opposed to raw materials.
by currency and pricing rather than raw materials.
by currency and pricing, and not by raw materials.
by currency and pricing, in contrast to raw materials.
On the other hand, it could mean a comparison (rather than a stark contrast). Earnings growth supported by currency and pricing compared to (earnings growth supported by) raw materials.
Or maybe something else altogether. Maybe "raw materials" is meant as a completely separate category from "earnings growth." That is, we are either going to have earnings growth or we are going to have raw materials.
Some context--and someone more knowledgeable than me--would be beneficial.