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Core CPI Remains Elevated at +5.8% in April

MNI (London)

GERMANY FINAL APR CPI +0.4% M/M; +7.2% Y/Y; MAR +7.4% Y/Y

GERMANY FINAL APR HICP +0.6% M/M; +7.6% Y/Y; MAR +7.8% Y/Y

  • Flash estimates were confirmed in the final German April CPI data, with HICP rising +0.6% m/m and having eased 0.2pp to +7.6% y/y. This implies a second consecutive month of slowing annualised HICP, which is now 4.0pp below the October peak of +11.6% y/y.
  • Food prices were the strongest driver of inflation in April, up +17.2% y/y, albeit slowing from +22.3% y/y in March.
  • Energy prices rose +6.8% y/y, re-accelerating from +3.5% y/y due to base-effects in March originating from the onset of the Ukraine-Russia war. Government energy price caps have contributed significantly to lower energy inflation over recent months.
  • Services prices rose +4.7% y/y in April, edging down from +4.8% y/y in March.
  • Despite this, core CPI held steady at +5.8% y/y at the March high. The uptick in clothing and footwear inflation alongside smaller accelerations across education and health categories combined to keep core CPI elevated in April.
  • Note: The "Germany Ticket" for transport will have deflationary effects on transport costs, coming into effect in May.

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