Germany’s CPI was flat MoM and up 2.0% YoY in June, down from 2.1% YoY in May and below the forecast of 2.2% YoY.

• HICP inflation came in at 0.1% MoM and 2.0% YoY, also below expectations of a 2.2% YoY reading.
• Core inflation (ex-food and energy) eased to 2.7% YoY from 2.8% in May and 2.9% in April.
• Services inflation continued to cool, decelerating to 3.3% YoY from 3.4% in May and 3.9% in April.
• Goods inflation edged down to 0.8% YoY from 0.9% in May.
• Energy prices remained a drag at -3.5% YoY, following -4.6% in May and -5.4% in April.
• Food inflation slowed sharply to 2.0% YoY from 2.8% in both April and May.