ECB policymaker Olli Rehn said there are few signs yet of high inflation taking root in the euro area.
The ECB is almost certain to raise interest rates at its June 11 meeting due to energy price spikes.
Rehn noted that gas prices have not risen as much, and wage growth remains moderate.
Long-term inflation expectations are still anchored at 2%.
The June decision will depend on new economic projections and developments regarding a possible ceasefire between the US and Iran.
Rehn argued that Europe should prepare for a prolonged conflict in the Middle East.
He also emphasized the need to continue work on the green energy transition.
