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All state CPIs this morning have been...>

GERMAN DATA
GERMAN DATA: All state CPIs this morning have been released with a M/M value
between 0.3-0.6%. Consensus for the national print is 0.1%, so it looks as
though we are set for an upside surprise later.
- Note also that the national print in Y/Y terms fell from 1.7% to 1.4% last
month and was expected to fall to 0.7% this month, so we would probably see a
less pronounced fall here too.

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