FRANKFURT (Reuters – Euro zone inflation unexpectedly rose last month. This likely makes for uncomfortable reading at European Central Bank. The bank has repeatedly underestimated prices and been under fire from policymakers.

The inflation rate in 19 euro-zone countries rose to 5.5% in November from 4.9% in November. This is a new record for the currency bloc, and far ahead of analyst expectations for 4.7%.

Energy prices rose 26% compared to a previous year, but food, service, and imported goods grew at a rate well over the ECB’s overall 2% inflation target. Eurostat data showed Friday.

After the economic recovery from last year’s pandemic shock, the price rise took hold, catching even the ECB – which had predicted a moderate inflation hump a few years ago – by surprise.

Supply-chain bottlenecks hampered the availability of consumer goods, causing upward pressure. Households were forced to save their money for one year and then started spending, from buying new cars to eating out at restaurants.

The majority of inflation drivers mentioned are temporary. Therefore, price pressures will eventually ease.

There are divergent views on whether inflation will slow down or where it will go once the economy is adjusted to a new norm.

Although the ECB believes that inflation will be under 2% by year’s end, a number of prominent policymakers are questioning this assertion, warning that there is a bias towards higher numbers and that over-target readings may continue into next year.

One reason for concern is the fact that the underlying inflation, or inflation that excludes volatile fuel and food prices, has also exceeded target. This suggests that some sectors that have been subject to low price pressures in the last decade may now be adjusting.

Inflation excluding fuel and food prices rose to 2.7% from 2.6% in December. A narrower measure which excludes alcohol or tobacco products remained steady at 2.6%. Both numbers were well above what was expected.

Nevertheless, the ECB has not yet indicated that they will take any policy actions.

Only a few weeks ago the bank extended but curbed stimulus. Therefore, no major review of its position is expected before March.

The ECB also argues wage growth, which is a condition of durable price pressures, has been anaemic. Meanwhile, coronavirus epidemics will most likely impede economic activity and increase inflation.