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Frederik Ducrozet, industry influencer, observed that April core HICP was not a strong result when viewed on a seasonally adjusted basis.
His commentary points to concerns about the underlying inflation dynamics reflected by this indicator for April.
Ducrozet previously analyzed euro area PMIs, highlighting significant supply chain impacts in industry but limited effects on service sector prices in recent reports. He also noted that the ECB SAFE survey showed rising selling price expectations while the long-term inflation outlook stayed stable, with lower wage growth and tighter funding conditions, according to a separate update. These factors provide context for his comments on core HICP in April.