The eurozone's longer term inflation outlook is good despite recent poor data due to surging oil prices, European Central Bank Governing Council member Jaime Caruana said on Monday.
"The inflation figures we have had recently have not been positive and that reflects on the one hand, the movement of oil prices and certainly it requires us to continue analysing the movement of oil prices," Caruana said at a news conference.
"It's still too soon to indicate any kind of change in the analysis but the fact remains that the outlook in the medium and long term is considered positive for inflation," said Caruana, who is also governor of the Bank of Spain. Caruana was speaking at the news conference on the margins of a conference marking the 60th anniversary of the Bretton Woods accords that established the International Monetary Fund and the World Bank.
A first estimate showed eurozone inflation jumping to 2.5 percent year-on-year in May from 2.0 percent in April, largely due to spiralling oil costs. Final May inflation data are due on Wednesday.
Oil prices rose to a 21-year high above $42 per barrel earlier this month but have since retreated to stabilise at around $38 per barrel.