• In Germany, the FSO corrected upwards by 0.2pp the preliminary estimate of February inflation, to take into account a miscalculation in the price of car insurance that had artificially depressed the other goods/services spending category.
  • We have revised up the February HICP level for the eurozone accordingly, though only slightly and not enough to trigger an upward revision of the flash estimate (reported at 0.9% yoy). Weak outcomes in small countries helped to offset most of the upward revision in Germany.
  • The final release of eurozone February HICP will be out on March 16. We still think that core inflation (ex food, energy, alcohol and tobacco) slowed 0.1pp to 0.8% yoy, but this is now a closer call than before the German revision. Risks are tilted towards a stable core reading.
  • The price of oil products is now rising strongly. We see the yearly inflation rate rising to 1.3% in March. We will refine the estimate as new information becomes available.