European Central Bank Vice President Guindos stated that the euro area inflation rate should continue to converge towards the European Central Bank's target next year. In the months leading up to February, the annual inflation rate in the 20 member countries of the euro area had been rising, raising doubts about whether the European Central Bank could successfully maintain inflation at around the 2% level, which it considers ideal. However, Guindos indicated that this process is now on the right track. He pointed out that the slowdown in wage growth would help lower service prices, which remained high over the past year. "All service sector and core inflation indicators are developing in the right direction," Guindos stated.