ECB's Lane: Progress to 2% inflation won't be as quick as to 4%

Remarks by ECB chief economist, Philip Lane

Food inflation is still quite high now
It is still a substantial issue
Services inflation now a big contributor

I wouldn't really deny that as we may be stuck in a period of around 3% to 5% inflation for some time perhaps. And the outlook will not be helped if oil prices run higher as it did in the past month or so.