Germany’s CPI rose 0.1% MoM and 2.1% YoY in May, unchanged from April and in line with expectations. HICP inflation was 0.2% MoM and 2.1% YoY, the lowest since September 2024.

• Core inflation was 2.8% YoY in May, down from 2.9% in April.
• Services inflation eased to 3.4% YoY from 3.9%, while goods inflation rose to 0.9% YoY from 0.5%.
• Energy prices fell -4.6% YoY, less negative than April’s -5.4% drop, and food inflation held steady at 2.8% YoY.