Two #inflation stories can be told in Germany.
First the good news: Germany's inflation rate was unchanged at 2.2% YoY in April, slightly below mkt forecasts of 2.3% as service inflation slowed to 3.4% from 3.7% but...
Food inflation rose from -0.7% to +0.5%.
Core CPI eased to 3% in Apr from 3.3% in March.
BUT – when measured by European standards – EU harmonized German inflation accelerated for the 1st time since Dec to 2.4% in Apr from 2.3% in Mar, a tad above consensus estimates.
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