According to the just-released flash estimate, German inflation ended a five-month period of dropping inflation rates in December as headline inflation came in at 3.7% year-on-year, from 3.2% YoY in November. The European inflation measure came in at 3.8% YoY from 2.3% in November. Remember that the main differences between the national and the European inflation measures are differing weights for individual consumer goods as well as the fact that the national measure includes prices for gambling and owner-occupied housing.