Bavaria July CPI +6.1% vs +6.2% y/y prior

• Hesse CPI +6.1% y/y
• Prior +6.1%
• Brandenburg CPI +% y/y
• Prior +6.7%

The state readings so far are reflecting just a marginal decline in headline annual inflation from June to July. This does fit with estimates for the national reading later, which is expected to fall from 6.4% in June to 6.2% in July.