The full impact of past European Central Bank rate increases has yet to be felt in euro zone inflation, the ECB's chief economist Philip Lane said on Monday.

"We don't think the peak effect on inflation dynamics has happened," Lane told Reuters. "The ongoing impact of our monetary policy decisions will keep lowering inflation into next year."

Lane was talking at a Reuters NEXT Newsmaker interview at the London Stock Exchange. (Reporting by Balazs Koranyi, David Milliken, Marc Jones and Dhara Ranasinghe; writing by Francesco Canepa in Frankfurt; Editing by Bernadette Baum)