Germany’s CPI inflation rates were much cooler-than-expected in January at -0.2% MoM (vs 0.1% MoM expected) and 2.3% YoY (vs 2.6% expected), down from 2.6% YoY in December. Core inflation fell back below 3% at 2.9% YoY, a 0.4 ppts deceleration. The deflationary impulse was primarily in food as that index slowed from an annual rate of 2.0% YoY to just 0.8% YoY. Services inflation took a small step back to 4.0% YoY from 4.1% YoY before.