Inflation was weak already across the globe and in particular in Europe, before the coronavirus. But, as the virus spread across the globe and the lock-downs came, the sentiment turned negative and risk assets such as crude Oil tumbled. That lead to a steep decline in inflation during March and April, but in May we saw a decent increase and today’s report from Germany is showing another increase in June as the report below shows:
Germany June CPI Inflation Report
- June preliminary CPI YoY +0.9% vs +0.6% expected
- May preliminary CPI YoY+0.6%
- CPI MoM +0.6% vs +0.3% m/m expected
- May CPI MoM -0.1%
- HICP YoY +0.8% vs +0.6% expected
- May HICP YoY +0.5%
- HICP MoM +0.7% vs +0.4% expected
- May HICP MoM 0.0%
The state readings earlier provided a slight upside bias going into the release and the figures here pretty much confirms it. Price pressures improved modestly in the month of June and that is a positive takeaway at least, after having seen the headline reading slump to its lowest level since September 2016 back in May.
- Brandenburg June CPI +1.0% vs +0.9% prior
- May YoY CPI +0.9
The latest readings here reaffirm that there is a modest bounce in price pressures seen in June, and that should set up a slightly more positive bias ahead of the German national reading later today at 1200 GMT. Some other releases from Hesse and Bavaria as well:
- Hesse CPI +0.8% y/y
- Prior +0.3%
- Bavaria CPI +0.8% y/y
- Prior +0.6%
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