DUBLIN (Reuters), Despite record euro zone inflation at 5%, Philip Lane from the European Central Bank stated on Friday that while it sounds strange after a period of low price growth, this year’s rate will fall.

Data on Friday revealed that inflation across the bloc increased unexpectedly to 4.9% from a month ago. It was more than twice what the ECB had set for 2%.

Lane clarified that these drivers were temporary. He also said that 2020-2022 was part of a “pandemic inflation cycle” and shouldn’t be compared with historical norms.

Lane stated that “this year inflation is going down”, and that it will surpass the target it set for the long-term. He reiterated the projections of the bank, which predicts inflation would be higher than its 2022 target, before dropping “a bit below” the target in 2023, 2024, and 2023.

We believe inflation pressures will decrease over the next year, so it is not surprising to hear numbers such as 5%.

The ECB projects that inflation will return to 1.9% in the fourth quarter. However, a number of prominent policymakers have questioned this narrative. They also warn against higher numbers and the possibility of readings above target into next year.

Sources close to the discussion told Reuters that some policymakers tried to get an increase in recognition of inflation risk at last month’s ECB meeting, but Lane rebuffed them during an unusually vigorous debate.

RTE’s Lane said that although high prices for energy are concerning, they should not be a reason to worry. However, the supply pressures in oil and gas markets must ease this year.

He said that there was no case to alter the ECB’s interest rate policy, as it believes high inflation will not be sustained.