Germany: Annual CPI drops to 0.6% in May as expected
|- HICP in Germany fell to 0.5% annually in May.
- EUR/USD pair continues to trade in tight range above 1.10.
Inflation in Germany, as measured by the Consumer Price Index (CPI), edged lower to 0.6% (preliminary) on a yearly basis in May from 0.9% in April, the data published by Destatis revealed on Thursday. On a monthly basis, the CPI fell to -0.1% and both of these readings matched analysts' estimates.
Moreover, the Harmonized Index of Consumer Prices (HICP), the European Central Bank's (ECB) preferred gauge of inflation, came in at 0.5% annually.
Market reaction
The EUR/USD pair largely ignored these figures and was last seen posting small daily gains at 1.1010.
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