• CPI -1.1% m/m
  • Prior -0.3%
  • Brandenburg CPI +9.1% y/y
  • Prior +10.5%
  • Brandenburg CPI -0.6% m/m
  • Prior -0.5%
  • Hesse CPI +8.1% y/y
  • Prior +9.7%
  • Hesse CPI -0.7% m/m
  • Prior -0.4%

Put together, the state releases point to a material decline in annual inflation across Germany last month. It would seem like the 9.1% estimate for the national reading later today is a bit conservative and we might get something along the lines of 8.4% to 8.7% if this is anything to go by.