Some ECB policymakers have flagged growing concerns that inflation pressures could run hotter than expected. The discussion centered on a critical observation: services inflation, rather than goods prices, represents the component most directly influenced by monetary policy decisions.

This distinction matters because while energy and commodity shocks drive headline numbers, services inflation—rooted in wage dynamics and labor market tightness—responds more predictably to rate adjustments. Several officials emphasized that controlling services inflation would be essential for achieving price stability, marking a strategic focus for future policy calibration.

The insight underscores why central banks remain vigilant about wage-price spiral risks even as headline inflation moderates.