Germany: Annual HICP edges higher to 0.8% in June vs. 0.6% expected

• HICP in Germany rose more than expected in June.
• EUR/USD pair clings to daily gains, stays below 1.1300.

Inflation in Germany, as measured by the Consumer Price Index (CPI), jumped to 0.6% (preliminary) on a monthly basis in June from -0.1% in May and surpassed the market expectation of 0.3%. On a yearly basis, the CPI rose to 0.9% from 0.6%, the data published by the Destatis showed.

Moreover, the Harmonized Index of Consumer Prices (HICP), the European Central Bank's (ECB) preferred gauge of inflation, advanced to 0.8% annually to come in higher than analysts' estimate of 0.6%.

Market reaction

The EUR/USD pair largely ignored this data and was last seen trading at 1.1280, gaining 0.56% on a daily basis.