• Eurozone inflation arrives at 5.1% YoY in January.
• Monthly CPI in the bloc rises by 0.3% in January.
• EUR/USD remains unfazed around 1.1350 on the EZ data.

Eurozone’s Inflation came in at 5.1% in January, on a yearly basis, according to Eurostat’s final reading of the Eurozone CPI report for the month. The reading was in line with the estimates of 5.1% and 5.1% previous. Core figures rose by 2.3%, matching the 2.3% consensus forecasts.       

When compared to December, the bloc’s CPI rose by 0.3% versus 0.3% expected and 0.4% in seen the previous month while the core CPI numbers also came in at -0.9% versus -0.8% expected and -0.8% last.

Key details (via Eurostat):

“The lowest annual rates were registered in France (3.3%), Portugal (3.4%) and Sweden (3.9%). The highest annual rates were recorded in Lithuania (12.3%), Estonia (11.0%) and Czechia (8.8%). Compared with December, annual inflation fell in eight Member States and rose in nineteen.”

“In January, the highest contribution to the annual euro area inflation rate came from energy (+2.80 percentage points, pp), followed by services (+0.98 pp), food, alcohol & tobacco (+0.77 pp) and non-energy industrial goods (+0.56 pp).”

FX implications:

EUR/USD has shrugged off the final revision to the Eurozone inflation, currently trading at 1.1354, up 0.26% on a daily basis.