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EUROPEAN INFLATION: German State CPIs Come in on the Soft Side

EUROPEAN INFLATION
CEEMEABulletMarketsFixed Income BulletsForeign Exchange Bullets
  • The first few German state CPIs are coming in on the soft side. NRW at -0.1%M/M, Bavaria are -0.3%M/M, Saxony at -0.4%M/M, Hesse at 0.1%M/M.
  • The national CPI (non-HICP) is expected to remain stable in Y/Y terms at 2.6%Y/Y later today with the M/M expected at +0.1%.
  • And so far those M/M numbers are either in line or up to 0.5ppt below the national print.
  • We will follow up with a more detailed tracking estimate shortly.
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  • The first few German state CPIs are coming in on the soft side. NRW at -0.1%M/M, Bavaria are -0.3%M/M, Saxony at -0.4%M/M, Hesse at 0.1%M/M.
  • The national CPI (non-HICP) is expected to remain stable in Y/Y terms at 2.6%Y/Y later today with the M/M expected at +0.1%.
  • And so far those M/M numbers are either in line or up to 0.5ppt below the national print.
  • We will follow up with a more detailed tracking estimate shortly.