German HICP drops to 9.2% YoY in January vs. 10.0% expected

• The annual HICP in Germany unexpectedly fell in January.
• EUR/USD reverses from daily highs but holds gains above 1.0700.

Inflation in Germany, as measured by the Harmonised Index of Consumer Prices (HICP), dropped to 9.2% on a yearly basis in January from 9.6% in December, the latest data from the German statistical office, Destatis, showed on Thursday. This reading came in lower than the market expectation of 10.0%.

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