If you mean the current situation of the inflation rate I would say things are even worst than what we see on the news and the governments officially say about it, just after the war started between Ukraine and Russia the crisis started in Europe and it wasn't all because economic sanctions of Russia actually harms the other countries too, we know during the last months the gas price was increasing all the time and if you consider Russia as the main supplier you can understand the gas price can be increased even much more than this, plus that you should consider the massive money printing on the other side.
Euro will go super high inflated we know but other thing is euro got euro bills but people dont get heated by money or cant eat the money so that europe have problems with gas and all other resources its just start of the madness.
Europe has too many problems now it makes foreign investors to take their assets out of europe and also they want to get rid of euro currency if russian ruble falled so much then euro can fall even more
Sure people will start to exchange their euros to btc and gold but who will want your euros ? Only those who will want buy with better price so you lose of this exchange.
But what the central bank must do ? Same like russia did they have to make rates higher 30% overnoght and yes they have to do it its only measure in their toolbox left.