Bavaria December CPI +9.2% vs +10.9% y/y prior | Forexlive

• CPI -1.1% m/m
• Prior -0.3%
• Brandenburg CPI +9.1% y/y
• Prior +10.5%
• Brandenburg CPI -0.6% m/m
• Prior -0.5%
• Hesse CPI +8.1% y/y
• Prior +9.7%
• Hesse CPI -0.7% m/m
• Prior -0.4%

Put together, the state releases point to a material decline in annual inflation across Germany last month. It would seem like the 9.1% estimate for the national reading later today is a bit conservative and we might get something along the lines of 8.4% to 8.7% if this is anything to go by.