Bavaria January CPI +2.9% vs +3.4% y/y prior

The numbers for the other state readings released around the same time:

• Brandenburg CPI +3.7% vs +4.5% y/y prior
• Hesse CPI +2.2% vs +3.5% y/y prior
• Baden-Wuerttemberg CPI +3.2% vs +3.8% y/y prior
• Saxony CPI +3.5% vs +4.3% y/y prior
• North Rhine Westphalia CPI +3.0% vs +3.5% y/y prior

The figures offer up quite a mixed bag in terms of the decline in annual inflation in different states. The Saxony reading is usually one that more accurately reflects the monthly situation. As such, this fits with the estimate that the national reading will be around 2.9% to 3.1% later.