Germany: Annual CPI rises to 10.4% in October vs. 10.1% expected
- Inflation in Germany rose at a stronger pace than expected in October.
- EUR/USD trades in negative territory at around 0.9950 after hot German CPI data.
Annual inflation in Germany, as measured by the Consumer Price Index (CPI), climbed to 10.4% in October from 10% in September, Germany's Destatis reported on Friday. This reading came in higher than the market expectation of 10.1%.
Meanwhile, the Harmonised Index of Consumer Prices (HICP), the European Central Bank's (ECB) preferred gauge of inflation, jumped to 11.6% from 10.9%, compared to analysts' estimate of 10.9%.
On a monthly basis, the CPI and the HICP arrived at 0.9% and 1.1%, respectively, surpassing market forecasts.
Market reaction
The EUR/USD pair showed no immediate reaction to these figures and was last seen losing 0.08% on the day at 0.9955.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
