ECB ready to act as inflation stays high

Jean-Claude Trichet, the president of the European Central Bank (ECB), said on Saturday that the rate-setting governing council was ready to act to control rising prices after figures published Friday showed euro-area inflation stayed at 3.1%.

Speaking in Wiesbaden on Saturday, Trichet said: "The ECB's governing council stands ready to counter upside risks to price stability, in line with its mandate."

Trichet added: "The inflation rate is expected to remain significantly above 2% in the near