Prior +2.3%HICP +2.8% vs +2.8% y/y expectedPrior +2.4%Core CPI Y/Y +2.4% vs +2.5% priorThe inflation rate in Germany is expected to be +2.8% in July 2026. The inflation rate excluding food and energy is expected to stand at +2.4% in July 2026. Energy prices are expected to be up 8.3% on the same month of the previous year. The rise in energy prices therefore accelerated again significantly in July. The focus will also be on the Middle East as a de-escalation would reduce significantly the urgency for further tightening.