Eurozone inflation remains very high, but the European Central Bank will make future interest rate decisions based on emerging data, the ECB president said on Monday Christine Lagarde.

“The high level of uncertainty makes it even more important to make interest rate decisions based on incoming data,” pointed out Lagarde to the Economic and Monetary Affairs Committee of the European Parliament.

The ECB raised interest rates by 50 basis points on Thursday, but did not provide any clarification on the future level of interest rates.

According to Reuters, Christine Lagarde also noted that wage pressures are increasing as workers try to regain some of their purchasing power.

He also made it clear that interest rates remain the key tool at the ECB’s disposal to determine its monetary policy.