Weaker than forecast economic growth in the euro zone could bring inflation down faster, but a resilient labour market continues to produce quick wage growth, creating some upside risk for prices, European Central Bank policymaker Boris Vujcic said.

Vujcic would not say whether he favoured a hike or unchanged rates at the Sept. 14 policy meeting but said it would be many months before the ECB could conclude that interest rates have peaked and it might take until next spring to be certain that inflation would return to the 2% target.

"Wage pressures are still there and from the recent data we don't see them coming down in a significant way," Vujcic, Croatia's central bank chief, told the Reuters Global Markets Forum. "As long as it is like that, I'm afraid that the last mile (of disinflation) ... will be very difficult." (Reporting by Divya Chowdhury in Bengaluru; writing by Balazs Koranyi in Frankfurt; Editing by Hugh Lawson)