TD Securities analysis team is looking for German HICP to edge a tick lower to 1.2% y/y in June, compared to consensus of 1.3% y/y.

“Underlying that, we look for the contribution from energy prices to decline, given the fall in crude oil prices that we saw into the beginning of June. Core inflation should pick up a bit, although this is the big question mark as core CPI has been incredibly volatile so far this year. We look for core CPI to regain its 1-handle though, rising to about 1.1% y/y.”