Brandenburg October CPI -0.1% vs -0.2% y/y prior

Latest data released by Destatis – 29 October 2020

  • Hesse CPI -0.6% vs -0.5% y/y prior
  • Bavaria CPI -0.1% vs -0.2% y/y prior

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So far, the German state readings for annual inflation are a bit mixed with Saxony and Hesse showing some slightly softer figures compared to September but NRW, Brandenburg and Bavaria are a little better relative to a month ago.

I would argue that this sets up expectations for the national reading to come in unchanged to last month, or perhaps reflect a mild uptick to -0.1% y/y based on the Bavaria and NRW – main industrial state – readings.

Either way, all of this just points to more subdued inflation pressures in Germany still so the overall narrative is little changed.

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