The European Central Bank hasn’t finished increasing borrowing costs as core inflation proves stubborn, Executive Board member Isabel Schnabel told De Tijd.

“We have more ground to cover,” she was cited as saying. “It will depend on the incoming data by how much more rates will have to increase.”

Speaking a week before the ECB officials meet in Frankfurt to determine their next move, Schnabel highlighted that underlying inflation — which strips out volatile elements like food and energy — “is more persistent and remains high, with services playing a key role due to the relatively strong impact of wage costs on inflation in these sectors.”

The ECB has already raised interest rates by 375 basis points since July and officials are expected to carry out two more quarter-point hikes this month and next. Some policymakers are also suggesting that another move might be required in September.

“A peak in underlying inflation would not be sufficient to declare victory: we need to see convincing evidence that inflation returns to our 2% target in a sustained and timely manner,” she said. “We are not at that point yet.”