German Dec prelim CPI 1.7% vs 1.5% y/y expected

German inflation beats estimates

• Inflation +0.6% vs +0.5% m/m
• EU harmonized CPI +1.6% vs +1.5% y/y exp
• EU harmonized CPI +0.8% vs +0.6% m/m exp

Expect a lot more of this in 2018.