Germany April HICP +7.8% vs +7.6% y/y expected

Prior +7.6%HICP +0.7% vs +0.4% m/m expectedPrior +2.5%CPI +7.4% vs +7.2% y/y expectedPrior +7.3%CPI +0.8% vs +0.6% m/m expectedPrior +2.5%It may not be the biggest of increases but German annual inflation did indeed creep higher again in April and that just continues to put further pressure on the ECB. While there are certain proxies in the region suggesting that inflation may be peaking, it doesn’t look to be the case in Germany just yet and even so, it doesn’t look like we will see price pressures cool off materially at least.The two main culprits are once again surging energy prices and also higher prices of raw materials, plagued by supply chain disruptions.The month-on-month readings also continue to suggest stronger cost pressures in general, which will not be of much comfort if the trend continues even as annual inflation may be close to hitting a plateau.

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