- Annual inflation rate in Germany fell to 10.0% YoY in November, from 10.4% YoY in previous month and below market estimates of 10.4%. Goods inflation slowed to 17.2% from 17.8% in October, due to a smaller increase in energy cost (38.4% vs 43.0%). On the other hand, food prices will likely rise further (21.0% vs 20.3%). Services inflation has also slowed to 3.7% from 4.0%, even as the rent price rate accelerated to 1.9% from 1.8%.
- On a monthly basis, the inflation fell to -0.5%, mom in November from 0.9% in previous month and below market estimates of -0.2%.
- Closely watched Harmonised Inflation Rate YoY decreased to 11.3% in November from 11.6% in September, in line with analysts’ estimates.
Lower reading was expected after earlier CPI readings from German regions showed slight deceleration of price pressure:
• North Rhine Westphalia: 10.4% YoY vs 11.0% YoY previously
• Hesse: 9.7% YoY vs 9.9% YoY previously
• Baden Wuerttemberg: 9.6% YoY vs 9.8% YoY previously
• Bavaria: 10.9% YoY vs 11.0% YoY previously
• Brandenburg: 10.5% YoY vs 10.8% YoY previously
• Saxony: 9.9% YoY vs 10.1% YoY previously
Inflation continues to ease, however still remains well above the European Central Bank's target of about 2.0%, suggesting there is a need for continued monetary tightening to combat high inflation.
EURUSD barely reacted to the today’s data release. The pair continues to trade in between 50- and 200-hour moving averages, awaiting a catalyst for a break. Source: xStation5
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