In doing so, the indicator that appropriately assesses price developments depends on each country’s economic structure. The Bank puts emphasis on the core CPI that excludes fresh food, which fluctuates largely due to such factors as the weather. This CPI is used for Policy Board  BIS central bankers’ speeches  7  members’ forecasts in the Outlook Report.
The Governing Council will continue to monitor carefully all factors which are relevant to its assessment. Let me explain our assessment in detail. In the context of our economic analysis, the latest data releases on real GDP growth have confirmed that economic activity in the euro area remained subdued in the first quarter of this year.