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.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
