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Flash CPI and HICP (Jul 2020) Preview - 1300 BST

GERMAN DATA
MNI (London)

CPI: Bbg: -0.3% m/m, +0.1% y/y; Prev (Jun): +0.6% m/m, 0.9% y/y

HICP: Bbg: -0.2% m/m, +0.3% y/y; Prev (Jun): +0.7% m/m, +0.8% y/y


  • MNI's analysis of state-level CPI data from the five states that have
    published so far (just below 65% of national total) suggests pan-German
    inflation will come in weaker than market expectations.
  • Our estimate points to CPI drop of 0.4% m/m and a flat y/y reading
  • Annual HICP ticked up slightly in Jun after falling to an almost
    four-year low
  • Jun's uptick was led by energy prices declining at a slower pace
  • Germany's flash Jul composite PMI noted subdued inflationary pressure
    with both input and output costs decreasing
  • CPI release for Brandenburg is scheduled for Jul 31
    (Statistik BerlinBrandenburg)


MNI London Bureau | +44 203-865-3814 | irene.prihoda@marketnews.com

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