Germany annual CPI inflation edges higher to 2.3% in July vs. 2.2% expected

• CPI in Germany rose 2.3% on a yearly basis in July.
• EUR/USD continues to fluctuate in a tight range above 1.0800.

Inflation in Germany, as measured by the change in the Consumer Price Index (CPI), rose to 2.3% on a yearly basis in July from 2.2% in June. This reading came in above the market expectation of 2.2%. On a monthly basis, the CPI rose 0.3% following the 0.1% rise recorded in June.

The Harmonized Index of Consumer Prices, the European Central Bank's preferred gauge of inflation, rose 2.6% on a yearly basis, up from 2.5% in June and above analysts' estimate of 2.4%.

Market reaction

EUR/USD showed no reaction to these figures and was last seen trading little changed on the day at 1.0825.