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Free AccessJune Flash Sees CPI Soften to 7.6%
GERMANY JUN FLASH CPI +0.1% M/M, +7.6% Y/Y; MAY +7.9% Y/Y
GERMANY JUN FLASH HICP -0.1% M/M, +8.2% Y/Y; MAY +8.7% Y/Y
- German inflation decelerated for the first time since January, stepping down 0.3pp to +7.6% y/y in the June flash, coming in 0.3pp below market expectations but in line with MNI expectations as highlighted following the state CPIs.
- The harmonised flash estimate also saw some relief, softening by 0.5pp to +8.2% y/y.
- Goods inflation saw a 0..4pp uptick to +14.0% y/y and food prices continued to accelerate, up 1.6pp at +12.7% y/y, whilst energy prices softened 0.3pp to +38.0% y/y and service price inflation slowed 0.8pp to +2.1% y/y.
- Effects of the 9-euro monthly transport ticket, as well as fuel price subventions have generated downwards price pressure in June. The extent to which this has eased price pressures is not yet ascertainable. With the energy cost relief package due to finish in August, slowing inflation could prove temporary.
- The latest mixed inflation data probably won't help save the ECB from hikes in July and September. “I think 50 basis points should be the baseline for September, assuming we don’t see any downward shocks to the inflation outlook by then, which I think is unlikely," ECB GC member Gediminas Simkus told MNI Wednesday.
German Inflation beyond the peak?
Source: MNI / Bloomberg
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Why MNI
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