Saxony July CPI 7.2% vs 7.7% y/y prior

On the month itself, Saxony inflation posted a 0.6% increase but the annual reading eased lower. Put this together with the other state readings from earlier, it points to a likely softer annual inflation reading for Germany later today. Estimates are looking for a 7.4% y/y reading but I reckon we may get something around the region of 7.1% to 7.2% y/y.