Eurozone Preliminary CPI steadies at 0.9% YoY in February vs. 1.0% expected

According to Eurostat’s preliminary reading of the Eurozone CPI report, the annual figure came in at 0.9% in February, missing expectations of 1% while remaining unchanged from the previous.

The core figures rose by 1.1%% YoY in February when compared to 1.1% expectations and 1.4% registered in January.

Key details (via Reuters)

“Prices in the 19 countries sharing the euro rose by 0.2% on the month in January and 0.9% compared to a year earlier, in line with analyst expectations.”

“Prices excluding volatile food and energy prices, which the ECB define as core inflation, slowed to 1.2% from 1.4% a month earlier.”

“The rebound in crude oil prices and the reversal of the German value added tax cut are the biggest factors driving inflation higher this year while new weights in the inflation basket also had an impact.”

EUR/USD reaction

EUR/USD showed a little reaction to the dismal Eurozone inflation data, as it trades at 1.2009, down 0.32% on the day, as of writing. Markets now look forward to the Fedspeak and stimulus updates for fresh incentives.