Reuters reported that The European Central Bank is keenly aware of citizens' concern about high inflation but is very unlikely to raise interest rates next year as price pressure are likely to abate, ECB board member Isabel Schnabel said on Thursday.

"This high inflation is causing growing concerns among people and we are taking these concerns very seriously," Reuters noted Schnabel saying at a financial conference.

"Despite the uncertainty, there remain good reasons to believe that inflation in the euro area will visibly decline over the course of next year and gradually fall back below our target of 2% in the medium term, meaning that the conditions ... for raising rates are very unlikely to be satisfied next year," she added.

More to come...