High eurozone inflation temporary, ECB's Philip Lane says

Ministers are starting to worry that the rise in prices might fuel stronger wage growth

ECB Chief Economist Philip Lane: 'We believe that next year bottlenecks will ease and energy prices will decline or stabilise.' Picture: Sam Boal/RollingNews.ie

Eurozone inflation will ease next year and remains too weak in the medium term, European Central Bank chief economist Philip Lane told a Spanish newspaper, repeating the bank's long-standing message that high price growth is temporary.

"We believe that next year bottlenecks will ease and energy prices will decline or stabilise," Lane told El Pais in an interview. "This current period of inflation is very unusual, temporary, and not a sign of a chronic situation."