FRANKFURT: The European Central Bank will "look through", rather than react to a temporary rise in inflation this year, as underlying price growth remains sluggish, ECB board member Frank Elderson said on Tuesday.

"Inflation increased sharply in January and February, and is likely to go up further in the coming months," Elderson said in a Twitter Q&A.

"This is mainly due to transitory factors, which we look through. Underlying inflation remains subdued owing to weak demand and economic slack," he added.

Inflation could exceed 2% later this year but will then quickly drop and remain well below the ECB's target for years to come, the bank's projections show.