- Victory over inflation is not there yet
- But the trajectory is correct
He's referring to the reports from Spain, France and German states so far this week. As much as the readings are a positive development for headline annual inflation, core prices are still where the problem is at for the ECB - at least for now. That shouldn't see a too drastic decline yet and it remains to be seen if the trend will continue this way in the months ahead. It is still very much early days.
