Latest data released by Destatis - 31 May 2021

  • Prior +2.2%
  • Core CPI +1.7% y/y
  • Prior +1.4%

The headline reading reaffirms the nudge higher in year-on-year inflation, which is to be expected in the national release later today as well.

But the thing to note from the report is that there is also a bump higher in the core reading, which may translate over to the overall Eurozone report tomorrow.

That may well keep the ECB on their toes despite adamant calls that inflation in the region is to remain transitory and will not be persistent.