Annual inflation rate in Germany remained unchanged at 8.7 % YoY in February, above market estimates of 8.5%, preliminary estimates showed.
The latest reading pointed to a sticky inflation amid a robust labor market in Europe's largest economy, providing support to the European Central Bank's hawkish stance. Services inflation accelerated to 4.7% in February from 4.5% in January, with rent prices advancing 2.0%, the same pace as the month before. Meanwhile, goods inflation eased slightly to 12.4% from 12.7%, as a slowdown in energy inflation (19.1% vs 23.1%) partially offset a sharper increase in the cost for food (21.8% vs 20.2%).
On a monthly basis, the inflation fell to 0.80%%, from 1.0% in February, above market estimates of 0.6%.
Harmonised Inflation Rate YoY increased to 9.3% in March from 9.2% in January. Compared to the previous month the harmonized CPI jumped 1%, the highest rate in four months.
Earlier releases of CPI reports from German regions showed mixed figures:
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North Rhine Westphalia: 8.5% YoY vs 8.3% YoY previously
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Bavaria: 8.8% YoY vs 8.8% YoY previously
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Hesse: 8.3% YoY vs 8.5% YoY previously
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Brandenburg: 8.7% YoY vs 8.7% YoY previously
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Baden-Wuerttemberg: 8.7% YoY vs 8.5% YoY
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Saxony: 9.2% YoY vs 9.2% YoY
EURUSD is trading higher today and fresh data provided more fuel for bulls. The main currency pair is moving towards resistance zone in the 1.0700 area. Source: xStation5
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