Even though we saw German Wholesale prices post a hefty decline this morning of 1.8% m/m and with the year on year rate slowing sharply to 7.4% from 9.9%, ECBers Mersch and Papademos are still very much on the anti-inflation warpath. Papademos says that concerted efforts by monetary authorities worldwide is needed to fight inflation, while Mersch continues to warn that past oil price rises could still unleash a wage-price spiral.