Eurozone Preliminary CPI rises 1.4% YoY in Jan, meets estimates
|According to Eurostat’s flash reading of Eurozone CPI report, the annual reading came in at +1.4% in October, meeting expectations of +1.4% and +1.3% previous.
Meanwhile, the core figures dropped to 1.1% in the reported month when compared to 1.2% expectations and 1.3% previous.
Key Details (via Eurostat):
“Looking at the main components of euro area inflation, food, alcohol & tobacco is expected to have the highest annual rate in January (2.2%, compared with 2.0% in December), followed by energy (1.8%, compared with 0.2% in December), services (1.5%, compared with 1.8% in December) and non-energy industrial goods (0.5%, stable compared with December).”
The Eurozone inflation report comes a day after the German Prelim CPI data was released, which showed that the German consumer price inflation accelerated by 1.6% in January and remained well below the European Central Bank’s (ECB) rate target of just under 2 percent for the Eurozone as a whole.
FX Implications:
On the data release, the shared currency barely moved, as EUR/USD kept its range near-around 1.1025 region. Focus remains on intensifying coronavirus fears and the US macro data.
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