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According to the advanced estimate published by the Destatis, inflation in Germany, as measured by the Consumer Price Index (CPI), rose to 0.5% on a monthly basis in July from 0.3% in June and surpassed the market expectation of 0.3%. On a yearly basis, the CPI rose to 1.7% and beat analysts’ estimate of 1.5%.

Further details of the report revealed that the harmonized CPI slumped to 1.1% annually from 1.5% and came in worse than market consensus of 1.3%.  

With the initial  reaction, the EUR/USD pair inched higher and was last seen trading at 1.1155, adding 0.08% on the day.