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Bavarian Inflation Hits +7.8%

GERMAN DATA
MNI (London)

BAVARIA MAR CPI +2.8% M/M, +7.8% Y/Y; FEB +5.3% Y/Y

  • German state CPI numbers for March are seeing jumps of around 2.5 points on both the month-on-month and year-on-year prints. These are fresh euro-era highs.
  • Bavarian inflation rose +2.8% m/m (+1.2% Feb) and +7.8% y/y (+5.3% Feb),. Underlying core inflation was up +1.0% m/m and +5.0% y/y, quickening from +4.3% y/y seen last month.
  • NRW saw CPI up 2.7% m/m (1.0% Feb) and 7.6% y/y (5.3% Feb)
  • The flash aggregate headline print for Germany is due at 1300 BST. A 1.1-point acceleration to 6.2% y/y is the consensus forecast, however following this morning's state prints, upwards of an additional 1pp on this reading cannot be ruled out.
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