According to Jinshi, Oxford Economics economist Fennessy said that although strong inflation in the eurozone service industry poses a risk to expectations of cooling prices, this should not delay rate cuts. He believes that the service industry is the stickiest inflation component, and labor-intensive production hinders the transmission of lower wage growth. However, other measures of price pressure will spill over to the service industry, such as cooling oil prices helping the transportation sector, falling food inflation easing restaurant prices, and the limited impact of Red Sea trade disruptions. Fennessy added: "If progress continues to be made in slowing wage growth, overall inflation is eased, and economic growth remains weak, then the service industry should not prevent the ECB from cutting interest rates quickly this year."