“The latest data are mixed. While it is true that the overall measure of inflation (head-line) has fallen in the euro area to 5.5%, the lowest level since the outbreak of the Russia-Ukraine war, the notorious core inflation (i.e. the one that excludes energy and food prices), has returned slightly to growth (5.4%). And all this despite the fact that a few days ago Spain had recorded a level of price rise below the fateful target of 2%, while in Italy and France there had been signs of cooling. What to expect then?”