The German state readings are supposedly only due on Monday next week, so this is a surprise early release. The annual reading points to a further softening in price pressures but they are still largely elevated as a whole. The monthly reading also shows another 0.3% increase in consumer prices so that's something to be wary about especially once the base effects fade.

Edit: The monthly reading shows a flat estimate (correction by Reuters), so that's a welcome development instead. But we'll see if this can keep up going into next year, and if the annual reading can move towards 2% eventually.