- Preliminary data shows advance of 0.9% of the CPI in Germany.
- Moderate annual rate from 7.6% to 7.5%.
- The euro without major changes, remains weak.
inflation in Germany still shows no firm signs of slowing down. The Consumer Price Index rose 0.9% in July above 0.6% market consensus and higher than 0.1% in June. The preliminary data implied that the annual rate went from 7.6% to 7.5%, and a reading of 7.4% was expected.
The Harmonized CPI rose 0.8% in July, above the expected 0.4%; Compared to 12 months ago, the rise was 8.5%, higher than 8.2% and was surprising since a drop to 8.1% was expected.
The data shows that inflation in Germany is still out of control. On Friday, price figures for the rest of the Eurozone countries will be published.
The euro remains among the worst performing currencies on Thursday, with EUR/USD trading near 1.0110/20, and EUR/GBP at 0.8350.
Source: Fx Street
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