German consumer prices post a 0.4% increase in February

The Federal Statistical Office of Germany announced its monthly report on the final consumer price index (CPI) on Friday. According to the data, the growth in consumer prices in Germany remained matched with the analysts’ expectations in February. The data also highlighted the French consumer prices to have remained stable last month while Spanish EU-harmonized prices dropped in February. On an annual basis, however, Spanish consumer prices also recorded growth.

According to Friday’s data, the growth in German consumer prices in February was attributed to seasonal increases in prices of clothing and package holidays. German statistics agency, commonly known as Destatis, revealed a 0.4% growth in German consumer prices in February. German CPI had previously noted an identical growth in January while the analysts had also forecast 0.4% growth in the index in February.

German Consumer Prices Grew By 1.7% On A Year Over Year Basis

On a year over year basis, German consumer prices posted a 1.7% increase that also came in line with the economists’ forecast.

Friday’s data also suggested a 0.6% growth in Germany’s EU-harmonized inflation index in February as compared to January’s reading. On a year over basis, the aforementioned index printed a 1.7% growth instead.

Consumer prices in France, on the other hand, flatlined in February representing no growth (0.0%). In January, the French CPI had dropped 0.4%, according to the French statistics office known as Insee. The monthly figure for French CPI also came in line with the FactSet’s estimate.

On a year over year basis, consumer prices in France registered a 1.4% growth. As per Insee, while the food and energy prices declined in the past twelve months, the drop was offset by the increase in the prices of manufactured goods, tobacco, and services.

Spain’s EU-Harmonized CPI Saw A 0.1% Decline In February

The EU-harmonized CPI in Spain saw a 0.1% decline in February. Spain’s statistics office, INE, also highlighted a 0.9% increase in the aforementioned index as compared to the same month last year. The year over year gain in Spain’s EU-harmonized CPI was posted at a higher 1.1% in January. February reading, however, came in line with the economists’ forecast.

In the forex market, the EUR/USD currency pair remained volatile falling from a daily high of 1.1220 to a daily low of 1.1055. Much of the loss, however, was regained later in the day with the pair having closed the last week at 1.1102 level.