European Central Bank president Jean-Claude Trichet said the global economic impact of hurricane Katrina will be limited and temporary. Trichet told the European Parliament's economic and monetary affairs committee that the ECB still expects euro zone growth to pick up during the second half of the year. But he cautioned that soaring oil prices pose a risk to the outlook for growth. Trichet said the ECB expects inflation to remain around its current 2.1 pct rate in the months ahead with "some further increases towards the end of the year". He said inflation risks are "tilted to the upside", but that domestic inflationary pressures "remain contained".