BRUSSELS: According to European Commission Vice President Valdis Dombrovskis, inflation in the eurozone will continue to rise in the next months, owing primarily to rising commodity and energy prices, but will progressively drop in 2022.

"We will continue to closely monitor inflation developments, including for possible second-round effects, and we stand ready to adjust our policies if necessary," he said, adding that all European Union (EU) member states are expected to return to their 2019 GDP levels this year or next, according to reports. He also stated that the factors driving inflation "appear to be of a temporary nature," with global causes including rising energy prices, particularly natural gas prices, supply bottlenecks, and the "release of pent-up demand as economies recover."

Dombrovskis addressed at a press conference following a meeting of EU member states' economic affairs and finance ministers, also known as the Ecofin Council, which was held a day after a meeting of eurozone finance ministers. Several things, according to Dombrovskis, might stymie the rebound. One of these was inflation in the eurozone, which reached 4.1% in October, "a figure never exceeded since the beginning of the data series in 1997."

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