BRUSSELS, (Reuters) – The rise in inflation has hurt growth in the euro area and the finance ministers are naturally worried, Paschal Donohoe, chairman of ministers told Wednesday’s European Parliament economic committee.

Inflation in the Eurozone rose to 5.1% year on year in December. This was a record breaking high and defying all expectations. It also adds to existing doubts about whether price pressures will be as temporary and benign as the European Central Bank expects.

Donohoe indicated that while he felt confident that the European Central Bank would take all measures to reduce price growth, it was unable to solve supply issues, which have been responsible for much of the rises.

He said it was reasonable to assume that the eurozone governments would provide less fiscal support for their economy in 2023, given that economic recovery is strengthening.

Additionally, he noted that ministers will be cautious not to cause cliff-edge effects. Also that specific country circumstances would be taken into consideration when making a decision on the fiscal stance of the entire euro zone.