• Prior +5.1%
  • CPI +2.5% vs +1.6% m/m expected
  • Prior +0.9%
  • HICP +7.6% vs +6.7% y/y expected
  • Prior +5.5%
  • HICP +2.5% vs +1.8% m/m expected
  • Prior +0.9%

Up, up, and away. German inflation skyrockets although this was already expected from the state readings earlier, as outlined here. The headline reading is the highest since 1981.

It's a brutal set of numbers and this will provide little comfort to both consumers and the ECB. We know that the Russia-Ukraine war has exacerbated underlying conditions but this is rather vicious. Just be wary that even the month-on-month readings are showing strong increases over the past few months, so this isn't so much your "base effect" issue. The details:

German CPI 03-2022