European Central Bank President Christine Lagarde has dismissed a recent uptick in euro zone inflation as "really minor".

The ECB chief said that much higher readings would be needed to change the picture. 

"We're seeing inflation moving a teeny, tiny little bit but this is really minor," Lagarde said during a panel discussion at the World Economic Forum in Davos today. 

"It would take much higher numbers to actually change the picture fundamentally," she added.

Meanwhile, ECB rate-setter Klaas Knot said the bank should clarify its inflation target, currently defined as an annual rate of price growth below but close to 2%, so that it means the same to everyone. 

"It is not an easily communicable concept that we currently have a 'close' and a 'below'," Knot said during a panel discussion at the World Economic Forum today.

"The outcome should be that we have an inflation objective that everyone on the Governing Council explains in identical terms," he added.