FRANKFURT – Euro zone inflation is “very high” and the European Central Bank needs to ensure that this does not get entrenched in inflation expectations, ECB board member Frank Elderson said on Friday.
“The timing for rate hikes depends on incoming data, and we will discuss this in detail in our June (9) meeting,” Elderson said on Twitter.
“We have to ensure that high inflation does not get entrenched in people’s expectations,” he added.
(Reporting by Balazs Koranyi; Editing by Hugh Lawson)