German CPI inflation report for July was released today at 1:00 pm BST. Market consensus pointed to a drop from 6.4% to 6.2% YoY and state-level readings released throughout the day supported this view, with all states reporting inflation dropping or staying unchanged compared to July.
Actual report matched expectations - German CPI slowed to 6.2% while monthly CPI came in at 0.3% MoM. As there were no surprise, there was also no major reaction on the market. EURUSD barely moved while DE30 jumped around 10 points in the first minutes
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- Annual: 6.2% YoY vs 6.2% YoY expected (6.4% YoY previously)
- Monthly: 0.3% MoM vs 0.3% MoM expected (0.3% MoM previously)
German state-level CPI readings for July (YoY)
- North-Rhine Westphalia: 5.8% vs 6.2% previously
- Hesse: 6.1% vs 6.1% previously
- Bavaria: 6.1% vs 6.2% previously
- Brandenburg: 6.7% vs 6.7% previously
- Saxony: 6.7% vs 6.8% previously
- Baden Wuerttemberg: 6.8% vs 6.9% previously
