Bavaria April CPI +2.5% vs + 2.3% y/y prior

• Hesse CPI +1.9% vs +1.6% y/y prior
• North Rhine Westphalia CPI +2.3% vs +2.3% y/y prior
• Saxony CPI +2.7% vs +2.5% y/y prior
• Brandenburg CPI +3.0% vs +2.8% y/y prior
• Baden-Wuerttemberg CPI +2.1% vs +2.3% y/y prior

At the balance, it points to German annual inflation likely coming in around 2.3% to 2.4% later and that is more or less in line with estimates. The figures won't do much to distract from the fact that the ECB will initiate the first rate cut in June.