Germany: Annual HICP inflation declines to 7.6% in April vs. 7.8% expected

• Inflation in Germany came in lower than expected in April.
• EUR/USD stays under bearish pressure below 1.1000 on Friday.

Inflation in Germany, as measured by the Consumer Price Index (CPI), declined to 7.2% on a yearly basis in April from 7.4% in March. This reading came in below the market expectation of 7.3%. On a monthly basis, the CPI was up 0.4%, down from +0.8 in March.

The annual Harmonised Index of Consumer Prices (HICP), the European Central Bank's (ECB) preferred gauge of inflation, fell to 7.6% from 7.8% in the same period, compared to analysts' estimate of 7.8%.

Market reaction

EUR/USD continues to trade in negative territory below 1.1000 after German inflation data.