(BRUSSELS) - Soaring inflation is becoming a risk to the 13 nations sharing the euro as they struggle to cope with slower economic growth, the chairman of eurozone finance ministers meetings said Monday.

"We cannot ignore increasing inflation risks," Luxembourg Finance Minister Jean-Claude Juncker said as he arrived to chair a meeting with his eurozone counterparts.

"The economy is robust but slowing down a bit; we have to face these risks," he said.

According to official EU data on Friday, inflation in the eurozone rose to 3.0 percent in November, the highest in more than six years and well above the European Central Bank's preferred level of close to but less than 2.0 percent.

The ECB faces a growing dilemma over keeping prices under control without weakening the economy as it struggles to cope with financial market volatility, record oil prices and a strong euro.

Dutch Finance Minister Wouter Bos also sounded the alarm about inflation, saying that it was probably the biggest threat to growth but added that "it's not one we can't beat."

Cypriot Finance Minister Michalis Sarris said that higher inflation was a broader worldwide trend, driven by soaring commodities prices, liquidity in the global financial system and rising prices and incomes in China.

"We are going from an extended period of low inflation worldwide to a period which I believe will mean higher inflation for everybody," he told reporters journalists ahead of the meeting.

However, German Finance Minister Peer Steinbrueck played down fears about price pressures, telling reporters as he arrived for the meeting in Brussels that he was "not concerned by inflation."

But he did acknowledge that "there are some risks" to the growth outlook, adding that "the dollar exchange rate and (high) oil prices might dampen economic development but we have good forecasts for 2008."

The single european currency hit a record high 1.4967 dollars last month but has since retreated on easing US economic concerns while oil prices struck all-time highs close to 100 dollars a barrel.

Until now Steinbrueck, whose country has the biggest economy in Europe, has taken a relaxed view of the euro's strength, repeatedly stressing in the past that he "loves a strong euro."

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