European Central Bank Governing Council member Guy Quaden today said policy makers are "seriously concerned" about inflation.
"I will not say that we are vigilant these days, the word has too specific a meaning," Mr Quaden, the governor of the Belgian central bank, said, "but I will say and clearly that we are seriously concerned and permanently alert".
His comments have added to speculation the ECB may raise its benchmark interest rate.
ECB President Jean-Claude Trichet said after the bank's December 6th decision to keep its benchmark rate unchanged that there is "strong short-term upward pressure on inflation" and that some policy makers had argued for a rate increase.
Inflation in the 13-nation euro region quickened to 3 per cent last month, a six-year high, after food prices rose and oil reached a record.
At 4 per cent, the ECB's main rate is lower than the Bank of England's 5.5 per cent benchmark and the US Federal Reserve's 4.25 per cent rate. The ECB, which aims to keep inflation just below 2 per cent, next decides on interest rates on January 10th.