Germany inflation seen picking up again in July as state readings accelerate

The German state readings released around the same time: Bavaria July CPI +2.8% vs +2.5% y/y prior North Rhine Westphalia July CPI +2.7% vs +2.1% y/y prior Saxony July CPI +2.7% vs +2.5% y/y prior Baden Wuerttemberg June CPI +2.5% vs +2.1% y/y prior The headline inflation…