According to the Golden Ten report, ING economist Bert Colijn pointed out in a report that the lack of further signs of accelerating service industry inflation in the euro area may make the European Central Bank cautious about a possible interest rate cut in June. PMI data released on Thursday showed that service industry cost growth in March was the slowest in four months. Continued strong increases in service prices have led the European Central Bank to be cautious about cutting interest rates. The data "will therefore be seen as an encouraging sign that price pressures are not currently accelerating further, which could be an obstacle to a rate cut in June".