Germany: Annual CPI edges lower to 7.5% in July vs. 7.4% expected

• Annual HICP in Germany jumped to 8.5% in July.
• EUR/USD stays under bearish pressures, closes in on 1.0100.

Inflation in Germany, as measured by the Consumer Price Index (CPI), declined to 7.5% on a yearly basis in July from 7.6% in June, Germany's Destatis reported on Thursday. This reading came in slightly higher than the market expectation of 7.4%.

The Harmonised Index of Consumer Prices (HICP), the European Central Bank's preferred gauge of inflation, climbed to 8.5% in the same period from 8.2%, compared to the market expectation of 8.1%.

Market reaction

The shared currency struggles to find demand after this report and the EUR/USD pair was last seen losing 0.85% on the day at 1.0117.