72
“Although the outlook for medium-term headline inflation was believed to remain similar to the March projections, trends in underlying inflation had become more worrying and indicated greater persistence.”
This is what we read in the ECB minutes on inflation.
In this context, the inflation outlook in the March projections was judged “too optimistic” as there was still no concrete evidence of a turning point in underlying inflation, with a growing risk that inflation would become more entrenched .