ECB's de Cos: inflation spike lasting longer than expected, caused primarily by energy

European Central Bank governing council member and Bank of Spain head Pablo Hernandez de Cos said on Wednesday that the surge in Eurozone inflation is lasting longer than expected and is largely a result of energy. There are inflation risks to the upside and are most in the short-term, he added, adding that there is a higher likelihood that inflation remains at 2.0% in the medium-term. However, he said he sees no risk of inflation staying persistently above 2.0% and, given the uncertainty, the ECB must be adaptable and open to possibilities.