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Headline Inflation Hits New Euro-Era Record

GERMAN DATA
MNI (London)

GERMANY MAR FLASH HICP +2.5% M/M, +7.6% Y/Y; FEB +5.5% Y/Y

GERMANY MAR FLASH CPI +2.5% M/M, +7.3% Y/Y; FEB +5.1% Y/Y

  • The Russian invasion of Ukraine has generated considerable upwards pressure on buth natural gas and mineral oil prices.
  • Energy inflation jumped 17 pp from +22.5% y/y in February to +39.5% in the March flash estimate.
  • Destatis highlighted similarities to 1981 where the first Gulf War saw similar price movements.
  • Supply chain pressures and delivery bottlenecks continue to push input prices up, which is spilling over into upstream stages.
  • This follows the state March data releases, which saw Bavarian CPI jump +2.8% m/m and +7.8% y/y
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