Olli Rehn, a member of the European Central Bank's (ECB) Governing Council, noted on Friday that there is "considerable uncertainty" about the inflation path in Europe, adding that he is "well aware" that increasing inflation feeds through to the everyday lives of people.
However, he suggested that the factors, which have been behind this year's inflation, will not themselves lead to a longer-term rise in inflation, "unless they are accompanied by the second-round effects and a wage-price spiral".