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State Data Indicates Core CPI Picked Up Sharply In Dec

GERMAN DATA

Worth noting that the soft German CPI figures are largely household energy price driven - core CPI bounced back in Dec from deflationary Nov core prints.

  • The German states which report core (ex food and energy) are seeing around +1.0% M/M rises, vs deflation in Nov.
  • Those states account for 42.7% of national CPI.
  • See table:

Source: State statistics, MNI Calculations

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