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German Inflation Inches Upwards in Feb Flash

MNI (London)

GERMANY FLASH HICP FEB +0.9% M/M, +5.5% Y/Y; JAN +5.1% Y/Y

FLASH CPI FEB +0.9% M/M, +5.1% Y/Y; JAN +4.9% Y/Y

  • Germany's preliminary estimates for February inflation were slightly stronger on the HICP reading, both 0.1% above the consensus forecasts.
  • The headline CPI matched market expectations, rising to +5.1% y/y from +4.0% y/y in January.
  • The German inflation rate remains high, despite reduced base effects of the temporary VAT reduction and low oil prices. Supply bottlenecks and input cost inflation remain key upwards pressures.
  • Energy prices remain the key driver of inflation, rising +22.5% Y/Y in February, up 2% from the month prior. The recent developments in the Ukraine crisis increase uncertainty surrounding price growth in the region and how the ECB may raect.

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