Germany May Bavaria CPI +2.7% vs +2.5% y/y prior

• Hesse CPI +1.9% vs +1.9% y/y prior
• Brandenburg CPI +2.9% vs +3.0% y/y prior
• North Rhine Westphalia CPI +2.5% vs +2.3% y/y prior
• Baden Wuerttemberg CPI +2.1% vs +2.1% y/y prior
• Saxony CPI +3.1% vs +2.7% y/y prior

The rest of the releases are still trickling out. But at the balance, we're seeing higher annual figures compared to April for Saxony, Bavaria, and North Rhine Westphalia. That points to fitting estimates of a slightly higher figure for the national level later today at around 2.3% to 2.4%.