ECB needs time to analyse fallout from ‘very high’ inflation: Lane

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FILE PHOTO: Governor of the Central Bank of Ireland Philip Lane speaks at a European Financial Forum event in Dublin

FRANKFURT (Reuters) – Euro zone inflation is “very high” but the European Central Bank needs time to assess the net impact of higher energy prices on workers’ wage demands and costs for households and companies, the ECB’s chief economist Philip Lane said on Friday.

“This is a very high number,” Lane told broadcaster CNBC, referring to Friday’s 7.3% inflation reading.

“It is important that we take our time, use the upcoming meetings, use the forecasting exercises to bring all that together and form a net assessment,” he added.

(Reporting By Francesco Canepa; Editing by Jon Boyle)