Germany: Annual HICP stays unchanged at 1.6% in February as expected

• Annual HICP in Germany remained steady at 1.6% in February.
• EUR/USD pair continues to trade in the negative territory near mid-1.20s.

Inflation in Germany, as measured by the Consumer Price Index (CPI), edged lower to 0.7% on a monthly basis in February, Destatis reported in its flash estimate on Monday. Moreover, the annual CPI rose to 1.3% from 1% and came in higher than analysts' estimate of 1.2%.

Further details of the publication revealed that the Harmonized Index of Consumer Prices (HICP), the European Central Bank's preferred gauge of inflation, remained unchanged at 1.6% on a yearly basis as expected.

Market reaction

The shared currency showed no immediate reaction to this report and the EUR/USD pair was last seen losing 0.25% on a daily basis at 1.2045.