While speaking at a conference organizes by Forum New Economy, European Central Bank chief economist Philip Lane said that there was "a lot of disinflation" coming later this year but added that there was still "a lot of momentum" in inflation.

Lane further noted that growth in food and core prices were especially strong.

Market reaction

These comments failed to help the Euro gain traction in the American session on Monday. As of writing, EUR/USD pair was trading virtually flat on the day slightly above 1.1000.