ECB's Nagel sees 'disturbing trend' that inflation is gaining momentum

• ECB should hike in July if incoming data confirm that inflation is too high
• ECB should end APP at the end of June
• Risk of acting too late is 'increasing notably'
• There is 'disturbing evidence' that increase in prices is gaining momentum
• Higher inflation likely to prevail, price growth expectations could become less anchored

The hawks are getting louder.