Heads up: Germany states’ CPI readings due later today

Germany CPI

German consumer inflation is estimated to accelerate to 8.0% y/y in June, up slightly from the 7.9% y/y reading in May. Once again, that will just reaffirm that inflation is more sticky and persistent – providing little comfort to the ECB.

The thing to note about the inflation data from Europe this week is that any major upside surprises could see markets get a bit edgy in pricing in a potential 50 bps rate hike in July. That’s the thing to watch out for in the sessions ahead.

The state readings should give a sense of how accurate the estimates will be. Here’s the agenda for today:

0430 GMT – North Rhine Westphalia
0800 GMT – Brandenburg
0800 GMT – Hesse
0800 GMT – Bavaria
0800 GMT – Baden Wuerttemberg
0900 GMT – Saxony
1200 GMT – Germany national preliminary figures

Do note that the releases don’t exactly follow the schedule at times and may be released a little earlier or later.

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