German inflation data
Prior was 2.3% y/y
CPI m/m +0.2% vs +0.1% expected
HICP 2.4% vs 2.4% y/y expected (highest in 6 years)
Prior y/y HICP 2.2%
HICP m/m 0.1% vs +0.1% expected
Prior m/m HICP +0.1%
German CPI was high and the numbers are giving a boost to the euro. However, it was pretty clear in the regional numbers that it was going to be hot so I'm not sure this will last. The EU harmonized numbers were also in line so, if anything, the final tally is a bit of a disappointment. That said, inflation at the highest levels in six years is the kind of thing that will keep economists at the Bundesbank up at night.
