German states will be releasing their CPI prints for January today
The December reading saw a decent increase in headline inflation, but that was largely driven by higher energy prices with the overall Eurozone core reading seen keeping steady towards the end of last year.
The expectation this time around is for another mild boost in headline inflation, from +1.5% y/y in December to the estimated +1.7% y/y in January.
That should give policymakers some added breathing room to start the year but again, the focus needs to be on the core reading. As such, the Saxony report later today will arguably be the more important release to look at - as is tradition these days.
But overall, the release shouldn't provide much fireworks unless we see inflation really overshoot expectations - but that is unlikely.
Here's the agenda for today:
0800 GMT - Saxony
0900 GMT - Brandenburg
0900 GMT - Hesse
0900 GMT - Bavaria
0930 GMT - North Rhine Westphalia
1100 GMT - Baden Wuerttemberg
1300 GMT - Germany national preliminary figures
Do note that the releases don't exactly follow the schedule at times and may be released a little earlier or later.