Regional inflation is a mixed bag and the main takeaway is that it's not going up

Baden Wuerttemberg was the last region to release their CPI numbers and was 0.2% vs 0.2% prior y/y

A reminder of the rest of the year on year CPI is as follows;

  • North Rhine 0.2% vs 0.2% prior
  • Bavaria 0.3% vs 0.3% prior
  • Hesse 0.4% vs 0.4% prior
  • Brandenburg -0.1% vs +0.1% prior
  • Saxony 0.2% vs 0.3% prior

That leads us to the main German number at 12.00 GMT with y/y HICP expected in at 0.1% vs 0.1% prior and CPI at 0.1% vs 0.2% prior

We know that oil has been the main driver of lower inflation but that's going to be creeping into the core numbers as well