Germany’s Consumer Price Index (CPI) rose to 0.5% in the monthly reading for October, as expected, as reported by the Federal Statistical Office (Destatis). This is its highest level since last July.
The year-on-year inflation has risen to 4.5% from the previous 4.1%, meeting forecasts, reaching its highest level since August 1993.
Among the causes of this high inflation, Destatis reports that the prices of goods as a whole increased 7.0% above the average from October 2020 to October 2021. Above all, the prices of energy products stood at + 18.6%, well above headline inflation.
The harmonized monthly CPI has risen to 0.5% from 0.3% in September, reaching its highest level since July. The year-on-year indicator has risen to 4.6%, as expected.
EUR / USD reaction
The EUR/USD has reacted to the German inflation data with a fall of almost 10 pips that has taken it to new lows for the day at 1.1572. At time of writing, the pair is trading above 1.1573, shedding 0.19% daily.
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
