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We have updated our estimation of the...>

GERMAN DATA
GERMAN DATA: We have updated our estimation of the implied rate of German CPI
based on the regional prints received so far (we have around 2/3 of the data).
- There appear to be upside risks to the M/M print, with the weighted average so
far at 0.5% against a Bloomberg consensus of 0.3%. However, the Y/Y print
appears to be in line with consensus at 1.7%.
- Note that these estimate the national CPI rather than the HICP so there can be
some discrepancies sometimes. We generally prefer to rely on the M/M projection
rather than the Y/Y projection so will be looking for a slightly higher national
number later today.

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