According to Jinshi, Jack Allen-Reynolds, deputy chief economist for the eurozone at Capital Economics, said that although the overall inflation rate in the eurozone fell slightly in January, policymakers will be concerned that the decline in inflation in the service industry has stagnated. The overall inflation rate fell from 2.9% in December last year to 2.8%, but the inflation rate in the service industry remained at 4.0%, the same as in December and November last year. Recent surveys show that service price pressures have risen slightly, and France's service inflation indicator rose in January. The increase in VAT for restaurants in Germany is also expected to push up service prices, although the impact seems small. The weak labor market and falling gasoline prices mean that service industry inflation seems unlikely to pick up again, which means that the European Central Bank may still start to cut interest rates in April.