Annual inflation in Germany, as measured by the change in the Consumer Price Index (CPI), declined to 2.3% in October’s preliminary estimate from 2.4% in September, Germany’s Federal Statistical Office reported on Thursday. This print came in above the market expectation of 2.2%. On a monthly basis, the CPI rose by 0.3%.
The Harmonized Index of Consumer Prices (HICP), the European Central Bank’s (ECB) preferred gauge of inflation, rose by 0.3% and 2.3% on a monthly and yearly basis, respectively.
Market reaction to German inflation data
EUR/USD stays under bearish pressure after this data and was last seen losing 0.45% on the day at 1.1550.