FRANKFURT, (Reuters) – The European Central Bank must be vigilant about the rise in inflation expectations beyond its 2% target. This was stated by Vice President Luis de Guindos of the ECB on Thursday.

De Guindos stated that “over the medium term most market-based and survey-based measures for inflation expectations indicate an inflation rate around our target of 2%,” to a European Parliament committee.

“Inflation expectations are rising over the past months but first signs of above-target revisions should be closely monitored,” he said.

Last month, inflation rose to 7.4%. Although a swift retreat can be expected in second-half of the year it is growing worries that inflation could persist past the crisis. This will keep price growth above 2% for the future.