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Germany September preliminary HICP + 4.1% vs + 4.0% y / y expected


Latest data published by Destatis – September 30, 2021

  • Before + 3.4%
  • CPI + 4.1% vs + 4.2% y / y expected
  • Before + 3.9%
This is in line with the expectations spelled out by the state readings earlier, as noted here. In any case, this only reaffirms a further rise in German annual inflation (although the monthly readings weren’t so drastic). The base effects must however be taken into account since there was the reduction in VAT in 2H 2020, so there is this to be taken into account.

But the rising inflation numbers fit the narrative that we’ll likely see German inflation hover around 4% to 5% by the end of the year, which will put additional pressure on policymakers. of the ECB so that they maintain their “transitional” position.

Germany September preliminary HICP + 4.1% vs + 4.0% y / y expected

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