A summary of the regional German CPI numbers ahead of the headline number for Germany later
All y/y numbers
- Saxony 1.6% vs 1.5% prior
- Brandenburg 1.6% unch
- Bavaria 1.7% unch
- Baden W 1.7% unch
- Hesse 1.5% unch
- North Rhine 1.5% vs 1.6% prior
The main German CPI is expected in unchanged at 1.6% y/y, with HICP expected at 1.5% unch (all y/y).
That means the market is not going to be looking for any shocks today but with the Italian numbers coming in softer earlier (CPI 0.5% vs 0.8% prior y/y, HICP 0.6% vs 0.9% prior y/y), it’s leaving the inflation pictures in the Eurozone still mixed. Throw in the mixed German retail sales numbers earlier too (-0.6% vs 0.8% exp m/m, 1.3% unch y/y), and there’s still plenty to be cautious about for the EUrozone economy overall.