The last word has not yet been said about how persistent inflation will become.
But the central banks on both sides of the Atlantic must be vigilant, because at some point the higher gasoline prices can also be reflected in wage demands.
If the wage-price spiral gets going, it will be difficult to stop it again.
That must also be clear to the President of the European Central Bank (ECB), Christine Lagarde.
But she remains calm and views inflation as a temporary phenomenon that does not justify rate hikes in the coming year.
Your colleagues at the American Federal Reserve seem more tense and are announcing the first steps towards a tighter monetary policy.
Anger over the zero interest rate policy is currently leading to some accusations that the ECB is criminally neglecting inflation risks.
But there are also arguments in favor of Lagarde's wait-and-see attitude.
First and foremost, the moderate inflation expectations on the markets should be mentioned here.
The latest inflation rates may trigger panic-like reactions in some places, but nothing of this has been observed among professional market participants.
You expect moderate price increases of just under 2 percent.
For the further development of inflation it will be important how the economic recovery will continue in view of the high corona infections in Europe.