"Inflation will be higher and less temporary than I thought one year ago," European Central Bank (ECB) Governing Council member Mario Centeno acknowledged on Tuesday, as reported by Reuters.

"We are facing an overlapped succession of shocks that have changed the context in a significant way," Centeno added and noted that the interest rate increase cycly will continue.

Market reaction

These comments don't seem to be having a significant impact on the shared currency's performance against its rivals. As of writing, the EUR/USD pair was up 0.2% on a daily basis at 0.9625.