According to Reuters, a key market gauge of the long-term inflation gauge in the eurozone hit 2% for the first time since 2014. 

"The five-year, five-year breakeven inflation forward has risen from just under 1.30% at the start of the year, driven by recovery from the COVID-19 pandemic and elevated current inflation readings spurred on by supply bottlenecks and high energy prices," Reuters explained.

source: Reuters

Market reaction

This development doesn'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 0.15% on a daily basis at 1.1637.