Inflation in the eurozone remains too high, so further monetary tightening is needed, despite growing evidence that past rate hikes are starting to take effect, President of the European Central Bank (ECB) Christine Lagarde said on Thursday, Report informs.

The central bank has raised its key interest rate by 375 basis points since July last year, and promised another hike in June, despite new data that inflation fell more than expected to 6.1% in May.