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Prelim Dec Inflation In Line With MNI State-Based Estimates

GERMAN DATA

The prelim German Dec CPI reading of 8.6% Y/Y and -0.8% M/M is in line with our state-level based estimate of 8.55% Y/Y and -0.82% M/M (below the 9.0% Y/Y and -0.6% M/M "expected" coming into today).

  • HICP was 9.6% Y/Y and -1.2% M/M (vs 10.2% / -0.8% survey coming into the session).
  • This was clearly anticipated by this morning's post-state data price action and appropriately, there is little market reaction to the national "miss", with Bund futures up a few ticks and EURUSD slightly lower.
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