German October prelim HICP 0.0% vs 0.0% expected

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German inflation data

  • HICP y/y -0.5% vs -0.4% exp
  • CPI +0.1% vs 0.0% m/m exp
  • CPI -0.2% y/y vs -0.3% exp

These numbers were largely anticipated after the regional data earlier. Obviously there’s plenty of scope for the ECB to do more based on what’s here but once the energy collapse and pandemic months roll over, it’s going to be a different picture and then the usual suspects will start barking about inflation.

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