Germany: Annual HICP edges higher to 9.3% in February vs. 9% expected

• Annual CPI in Germany stayed unchanged at 8.7% in February.
• EUR/USD continues to push higher toward 1.0700 after the data.

Inflation in Germany, as measured by the Consumer Price Index (CPI), stayed unchanged at 8.7% on a yearly basis in February. This reading came in higher than the market expectation of 8.5%. On a monthly basis, the CPI was up 0.8%.

Meanwhile, the annual Harmonised Index of Consumer Prices (HICP), the European Central Bank's (ECB) preferred gauge of inflation, edged higher to 9.3% from 9.2% in January, compared to analysts' estimate of 9%.

Market reaction

EUR/USD preserves its bullish momentum after this data and was last seen rising 1.05% on the day at 1.0685.