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HICP higher than the state data suggested

GERMAN DATA
  • That's in line with the MNI expectation of a 7.5%Y/Y print to the national CPI print with a 3 tenth upside to the M/M print.
  • However - the HICP data surprised by 4 tenths to the upside for M/M and Y/Y - so overall the HICP data is still a little higher than the state data this morning had suggested. And, as we noted earlier, it's HICP that is the measure the ECB looks and and which feeds into the Eurozone aggregates.

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