Bavaria July CPI +1.9% vs +1.8% y/y prior

  • German states release their monthly inflation data for July
Bavaria Germany
  • North Rhine Westphalia CPI +1.8% vs +1.8% y/y prior
  • Saxony CPI +1.9% vs +2.2% y/y prior
  • Baden Wuerttemberg CPI +2.3% vs +2.3% y/y prior

It's a mixed bag this time around but at the balance, should reaffirm that the national reading later come in around 1.9% or 2.0%. In any case, the core figure is still the most important thing and with that being at 2.7% in June (unlikely to shift too much in July), it will keep the ECB on their toes through the summer.

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