The European Central Bank is determined to prevent rising inflation from becoming the norm, its president said on Tuesday, as the coronavirus pandemic and Russia’s invasion of Ukraine put persistent pressure on prices.

The twin shocks have resulted in consumer price hikes that are “much higher and more persistent” than expected, Christine Lagarde said in a speech in Frankfurt, adding that the central bank must ensure sky-high inflation is not “embedded”.

“That’s what the ECB is doing,” Lagarde said.

Inflation in the euro zone climbed to 9.1 percent in August, an all-time high, and analysts are predicting the rate could be in double digits by the end of the year.

At its last meeting earlier this month, the ECB raised interest rates by a record 75 basis points in a bid to dampen consumer price inflation.

The shock decision came just weeks after the bank hiked rates for the first time in over a decade, ending a period of negative interest rates.

The aggressive moves are an “important tool to signal our determination” to bring inflation back to the ECB’s 2 percent target, Lagarde said.

Looking ahead, the ECB expects “to raise rates further in the next few meetings,” she said.

How fast and how far interest rates would rise depends on the “inflation outlook,” she added.

Soaring inflation rates have been driven by the economic shocks of the coronavirus pandemic and the Russian invasion of Ukraine, which has pushed up energy prices, Lagarde said.

The cuts in Russia’s gas imports would “have a multi-year impact” and keep energy prices high, while pandemic shortages would cause supply chains to be restructured at higher costs, she said.

In either case, the supply shortages would “probably last longer than in the past,” Lagarde said, meaning it “took longer for the inflationary effects of these shocks to wear off.”