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NRW CPI Lower Than National Consensus

GERMAN DATA

NRW September flash CPI (making up 21% of the German CPI basket) comes in lower than the national consensus expectation on the Y/Y and M/M prints.

  • This is the lowest Y/Y headline reading since September 2021, with the press release referring to slowing food inflation (+7.4% Y/Y vs +9.1% prior) and the base effect of the 9-EUR travel ticket (as expected)
  • Core (ex-energy and food) is estimated at 4.4% Y/Y.
  • State-level data is released throughout the morning, next headlines by Bavaria (17% of basket) and Baden Württemberg (14% of basket) at 0900BST.

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