Francois Villeroy de Galhau, the governing board of the European Central Bank, saidSupply constraints caused prices to rise faster than expected by the European Central Bank.But the impact may be temporary.

"supply difficulties will push inflation higher than we expect in the short term," Villeroy told executives at Medef's annual meeting. "but given the experience of previous economic recoveries, we still believe and hope that these supply-side difficulties are temporary."