If there was one more sign that the European Central Bank (ECB) needed to act, it would be that inflation would continue to rise.
The German inflation rate narrowly missed a 70-year high in August.
Consumer prices rose by 7.9 percent compared to the same month last year.
Bread and rolls went up in price by an average of 25 percent, and heating oil was even more expensive by 82 percent.
In other euro countries it is often not better, rather worse.
In the Netherlands, Spain and Belgium, inflation rates are now in the double digits;
in others, such as the Baltic States, they are even a menacing 20 percent and more.
Meanwhile, a further increase in the price level in Germany is to be expected in September because political interventions such as the fuel discount and the nine-euro ticket are being phased out.
With the gas levy, a real jump in prices is then even expected for October.
When the ECB Governing Council convenes for its interest rate meeting on Thursday next week, it should weigh all of this carefully.
A sharp rate hike of at least 0.5 percentage points is overdue.
The central bank cannot procure cheaper energy and it cannot bake cheaper bread.
However, it can prevent inflation expectations and people's behavior from changing with price increases.
Otherwise, inflation may take hold.
The longer the central bank hesitates to act on monetary policy, the more painful the consequences can become.
The ECB, however, has now been left behind in the convoy of the world's major central banks.
It is high time that she returned to her mandate: price stability.
Unfortunately, one can no longer say that it is intended to “maintain” price stability.
Now comes the more difficult task of "recovery".
So there's no question: the time for hesitation must be over.