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Has core inflation already peaked?

A leading ECB dove argued this week that core inflation has passed its peak on some measures. However, these measures are distorted by Germany’s temporary transport subsidies last summer. Underlying price pressures and the labour market remain very strong and support the case for further ECB rate hikes. Next week we expect to learn that the flash PMIs and Ifo edged up in February while the inflation rate for January was probably revised up. 

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