HOUR Germany counted among its countries Eurozone that inflation has slowed significantly, confirming the arguments of some ECB officials that interest rate hikes are coming to an end.

Consumer prices in the eurozone’s largest economy rose 6.3 percent in May compared to the same period last year, Germany’s statistical office said on Wednesday. That’s down from 7.6% in April and still below the Bloomberg poll’s estimate of 6.7%. The retreat came as fuel and energy costs declined. In a Twitter post, German Finance Minister Christian Lindner said “there is no reason to say that the difficult period has passed” but that the latest figures “are a positive step.”

This development gives hope that the ECB interest rate hike can be completed at the July meeting.

Polls released this week showed inflation fell more-than-expected in France and Spain, with prices in Spain rising just 2.9%. This is the biggest slowdown in the last two years. Although inflation also eased in Italy, the decline there was smaller than analysts had expected. Information about him inflation they are an important indicator of the ECB’s decision on monetary policy in two weeks, as another quarterly increase in the key rate to 3.5% is likely on the back of an unexpected continuation of the tightening of monetary policy since July. It will be interesting to see what happens after that.

Several officials supported market forecasts that borrowing costs will rise after another similar increase in July. On the other hand, others argue that growth may need to be continued in the next session, in September, to bring inflation back close to the 2% target. “I can’t say yet that the victory has already arrived,” said Luis de Guidos, vice president of the ECB, in Frankfurt earlier Wednesday. “I think we’re on the right track and we have to watch the evolution of structural inflation very closely.” For his part, ECB colleague Madis Miller said a key rate hike of more than a quarter of a percentage point was likely, warning that structural inflation “unfortunately shows no signs of slowing yet.”