DUBLIN, Sept 17 (Reuters) - Fears of excessive euro zone inflation are overstated “at the moment” but policymakers must recognise there is considerable uncertainty about the persistence of price pressures, European Central Bank governing council member Gabriel Makhlouf said. “I believe that, at the moment, fears of excessive euro area inflation are overstated and that the current price pressures reflect transitory factors that will fade out over time,” Makhlouf, Ireland’s central bank chief, told an online conference on Thursday. “But there is considerable uncertainty about the persistence of price pressures and we need to interpret this (inflation) data and the outputs of our models with caution.”