- The annual rate of inflation went from 7.5% in July to 7.9% in August.
- The euro remains among the best performing currencies.
The preliminary inflation report for August Germany indicated that the annual rate of inflation rose from 7.5% in July to 7.9% in Augustabove the 7.8% market consensus. This implies a new rise after two months of decline and a return to highest level since reunification from the country.
The harmonized index of consumer prices rose 0.4% in August, in line with expectations in August, with the annual rate advancing from 8.5% to 8.8%.
The euro remains among the best performing currencies so far this week, supported in part by comments from officials of the European Central Bank, in favor of further increases in interest rates. This raised expectations of a 75 basis point hike at next week’s ECB Governing Board meeting.
Source: Fx Street
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