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- Germany: Annual HICP inflation rises to 6.8% in June vs 6.7% expected
Germany: Annual HICP inflation rises to 6.8% in June vs 6.7% expected
- Inflation in Germany rose at a stronger pace than expected in June.
- EUR/USD continues to stretch higher toward 1.0950 after the data.
Inflation in Germany, as measured by the change in the Consumer Price Index (CPI), rose to 6.4% on a yearly basis in June from 6.1% in May. This reading came in higher than the market expectation of 6.3%. On a monthly basis, the CPI increased 0.3% following May's 0.1% decrease.
The annual Harmonised Index of Consumer Prices (HICP), the European Central Bank's (ECB) preferred gauge of inflation, jumped to 6.8% in the same period, compared to 6.3% in May and analysts' estimate of 6.7%.
Market reaction
EUR/USD extended its rebound with the initial reaction and was last seen rising 0.25% on the day at 1.0940.
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