Annual HICP declines to 8.2% in June vs. 8.8% expected

  • HICP inflation in Germany declined unexpectedly in June.
  • EUR/USD continues to fluctuate above 1.0500 after the data.

Inflation in Germany, as measured by the Harmonized Index of Consumer Prices (HICP), declined to 8.2% on a yearly basis in June’s flash estimate from 8.7% in May. This print came in lower than the market expectation of 8.8%. On a monthly basis, HICP declined by 0.1%.

Similarly, the annual Consumer Price Index (CPI) declined to 7.6% from 7.9% in the same period, compared to analysts’ estimate of 8%.

Market reaction

The EUR/USD pair showed no immediate reaction to these figures and was last seen trading flat on the day at 1.0522.

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