Signs that this is having an effect were seen in data from China that showed prices paid at the country's factory gates rose last month at their fastest pace in almost four years.
The European Central Bank should spell out its tolerance for overshooting its inflation target, ECB policymaker Francois Villeroy de Galhau said on Tuesday.
Consumer prices rose by 3.76% in the year through February, beating the consensus forecast of a Reuters poll for a reading of 3.72%. Inflation, which stood at 3.54% a month earlier, quickened to its highest level since reaching 4.09% in October.
The Bank of Mexico targets a rate of 3% with a one percentage point tolerance threshold above and below that figure.