MUNICH (FWN) - Bundesbank council member and Bavarian central bank president Franz-Christoph Zeitler welcomed the latest slowdown in German CPI, but said it was too early to say that price stability could be sustained. "The first indications for inflation in September from the German states signal a welcoming slowdown towards 2 pct," Zeitler said. The European Central Bank has a 2 pct price stability ceiling for inflation. However, Zeitler added that inflation is not yet guaranteed to remain around 2 pct in the long-term, as the latest slowdown is largely attributable to a basis effect. In the short-term, Zeitler expects price stability to be affected by tax hikes such as for insurance and tobacco, while there is also uncertainty surrounding oil prices. "One should carefully observe the development of euro zone M3money supply in the short-term," Zeitler added.