Germany: Annual HICP rises to 2.4% in May vs. 2.5% expected

• HICP inflation in Germany continued to rise in May.
• EUR/USD stays quiet around 1.2200 after the data.

Inflation in Germany, as measured by the Consumer Price Index (CPI), edged lower to 0.5% (preliminary) on a monthly basis in May from 0.7% in March, the data published by Destatist showed on Monday. On a yearly basis, the CPI rose to 2.5% from 2%.

Further details of the publication revealed that the Harmonized Index of Consumer Prices (HICP), the European Central Bank's preferred gauge of inflation, rose to 2.4% annually and fell short of the market expectation of 2.5%.

Market reaction

The EUR/USD pair showed no immediate reaction to this report and was last seen posting small daily gains at 1.2200.