European Central Bank Vice President: Oil price fluctuations will not disrupt the process of falling inflation.

European Central Bank Vice President Luis de Guindos said that recent fluctuations in commodity prices due to the war between Israel and Iran will not change the euro area's inflation outlook. "If oil prices rise - but it seems to be somewhat under control - we will have to take it into consideration," Guindos said on Tuesday in Santander, Spain. "But the process of inflation decreasing is already set. From what we see today, this process is not deviating - not at all." Guindos stated that officials are satisfied with the trend of consumer prices, as inflation has fallen from historical highs to slightly below the ECB's target level of 2%. Although sustainable achievement of the inflation target may continue in the coming months, he stated that the situation in Iran adds additional complexity to a situation already affected by global trade tensions. "We believe that we will accomplish our mission of price stability, but we always have to consider the severity of uncertainty," the Spanish official said. "This forces us to be extra cautious."