Eurogroup Chairman Paschal Donohoe said current inflationary pressures will begin to ease later this year.

Donohoe made a statement at the end of the Euro Group meeting held in Brussels by the finance ministers of the European Union (EU) member countries that use the euro currency.

Noting that many ministers raised the issue of increasing inflation at the meeting, Donohoe said, “We understand the difficulties of the increase in prices and especially high energy costs on citizens and businesses.” he said.

Pointing out that they are also aware of the increasing prices affecting living standards, and they are trying to take measures accordingly, Donohoe said, “We expect high inflation levels to continue for a longer period of time than our previous projections.”

Donohoe stated that supply chains have improved, and savings levels have returned to reasonable levels.

In the euro area, annual inflation reached its highest level on record at 5 percent in December.