Sometimes it is best to be reminded of what goes beyond the headlines and when it comes to inflation numbers, markets may tend to get a bit carried away. So, it is always good to be wary and look in between the lines and not just overreact to what you see on the screens.

German inflation hasn't quite shown signs of peaking just yet with the July numbers coming in higher than estimated. Sure, the headline figure (7.5%) might be off the May high of 7.9% but the EU-harmonised reading (8.5%) was higher than that of June, increasing to just shy of the record high seen in May at 8.7%.

With CPI data set to be a key focus everywhere in the months ahead, it is vital to be aware of the nuances and the possible factors impacting the numbers. In the case for Germany, the government had introduced subsidies on fuel and rail tickets for the months of June, July and August.

They slashed taxes on both petrol and diesel for the three months, although prices at the pump are still lofty. But they also introduced a public transport travel pass, which is effective for a travel period of one month, for just €9.

German finance minister, Christian Lindner, has already poured cold water on the idea that the '9-euro travel pass' will be extended. As such, there might be a spike in prices again come September when the subsidies are retired.

That will be something to be mindful about in case we do see another jump in German consumer inflation numbers for the month.