Germany's CPI inflation was 0.4% MoM and 2.1% YoY in April, down from 2.2% YoY in March and and slightly above expectations of 0.3% MoM and 2.0% YoY.

• Core inflation bounced to 2.9% YoY, up from 2.6% YoY.
• Services inflation increased 0.4 ppts to 3.9% YoY.
• Goods inflation fell -0.5 ppts to 0.5% YoY on slower food price growth (-0.2 ppts to 2.8% YoY) and more deflation in energy (-5.4% YoY).
• HICP inflation was 0.5% MoM and 2.2% YoY, up from 2.1% YoY in March and above expectations of a 2.1% YoY reading.