German national level CPI data suggests core momentum decelerated on a seasonally-adjusted basis in April, MNI estimates, driven by a sharp deceleration in services. Headline inflation seemingly stayed relatively flat vs March sequentially.
- Specifically, we estimate SA core inflation to be broadly around 0.15% M/M (0.35% prior), services inflation at around 0.11% (0.45% prior), and headline at around 0.26% (0.25% prior).
- In annualized terms, this would imply core inflation broadly around 1.8%, services at around 1.3%, and headline inflation broadly around 3.2%.
- All of these figures are MNI's estimates of the Bundesbank's seasonally-adjusted sequential figures to be published later this afternoon, which will provide more detail.
MNI, Destatis, Bundesbank