“The euro area is facing a spike in inflation resulting from a combination of purely temporary factors. Currently, the dominant factor is rising energy prices globally. In October, energy contributed 2 , 2 percentage points to inflation, the largest contribution in the history of the Eurozone “. This was stated by Fabio Panetta, member of the executive board of the European Central Bank (ECB), taking part in a conference of the Sciences Po in Paris. “This dynamic is driving short-term inflation, which has not yet reached its peak,” added Panetta.