German states will be releasing their CPI prints for April today
After a bump in the national reading to +1.7% y/y in March, German inflation is estimated to keep higher again this month amid further base effect adjustments. The estimate for the headline annual reading is +1.9% y/y.
The EU-harmonised reading is expected to hold steady at +2.0% y/y.
While the nudge higher in price pressures appears encouraging on paper, it isn't going to prompt any major shift in thinking in the ECB. These are still early days and they are muddied by base effect adjustments due to the pandemic impact last year.
If anything, keep an eye on the Saxony report to gauge core inflation pressures.
Here's the agenda for today:
0430 GMT - North Rhine Westphalia
0800 GMT - Brandenburg
0800 GMT - Hesse
0800 GMT - Bavaria
0900 GMT - Saxony
1000 GMT - Baden Wuerttemberg
1200 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.