[ECB President Lagarde: Overall Inflation in Europe Rises, But Fundamental Indicators Remain Stable] On November 7th, Jinshi Data reported that the European Central Bank (ECB) released the content of an interview with ECB President Christine Lagarde by the Japanese newspaper Yomiuri Shimbun. When asked about her view on the current inflation outlook, ECB President Lagarde stated that the overall inflation rate in October was 4%, higher than expected a few months ago, but in line with market expectations. This figure seems high, but a deeper analysis of the reasons behind it is crucial. The high reading is mainly attributed to rising energy prices, as energy inflation rose from 18.9% in September to 20.8% due to the Middle East conflict and a decline in global refining capacity. Therefore, energy prices have a significant impact on our inflation data. Food inflation has also risen. However, fundamental indicators remain stable. Core inflation, excluding energy, food, alcohol, and tobacco prices, was 2.5%, unchanged from September. Services inflation rose slightly to 3.3%, but remains within the range of the past four months. We still lack detailed data on the composition of inflation, which will help clarify the factors driving inflation in the services sector—whether it's primarily stemming from energy-intensive sectors like transportation, or whether we're beginning to see broader indirect effects. We will be monitoring this closely. In any case, we know inflation will remain high in the coming quarters. The higher the inflation rate and the longer it persists, the greater the risk to our medium-term target.