The European Central Bank remains confident that inflation will come down this year but is prepared to adjust policy to meet its inflation target, ECB chief Christine Lagarde said on Friday.

"We understand that price increases are a concern for many and we take this concern very seriously," Lagarde said. Eurozone inflation hit 5% in December, more than double the central bank's target of 2%.

“Our commitment to price stability remains unwavering,” the head of the regulator said. “We will take all necessary measures to ensure that our inflation target of 2% is achieved in the medium term.”