FXstreet.com (Barcelona) - Consumer prices have posted the largest year on year increase ever in the Euro Area, with inflation miles above the ECB's margin for price stability, the Bank's monetary policy decision seems to be clear on the hike side now.

Prices at6 consumer level have risen 4.0% in the last 12 months to June, according to Eurostat, the European office for statistics, up from the 3.7% increase posted in May. June's CPI, if today's preliminary data is confirmed, will be the largest yearly increase seen since records are collected back in 1997.

The ECB has repeated several times that its main aim is to anchor CPI, now with inflation at levels twice as high as the maximum observed by the margin for price stability, hiking rates to 4,25% next Thursday, seems the only possibility for the bank in order to achieve its main goal.