The weakening in euro zone inflation last month was a surprise. But was it a game changer?

This will likely be a central focus of the European Central Bank‘s deliberations on Thursday, and determine whether it reduces interest rates from current record lows, or stands pat and waits for additional evidence on inflation and the economy.

For now low inflation — even at rates that are significantly under the ECB’s 2% target — appears consistent with ECB President Mario Draghi‘s statement on Jan. 9 that consumer-price growth will remain “at around current levels in the coming months.”