BREAKING: Markets muted after in-line German CPI

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

German CPI inflation for July

• 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