• German GDP grew by 2.7% in 2021
  • Inflation upwards trend to weaken noticeably from January
  • Q4 growth to be subdued due to production difficulties, COVID-19 restrictions

It's funny to se how they are that confident on the inflation outlook when they view that supply bottlenecks are going to persist for much longer. The latter pretty much implies that cost pressures are likely to stay elevated in the new year.