Economic Buzz: EUR/USD Firms As Eurozone Inflation Hits Fresh Record High

2 Feb 2022 , 03:53 PM

Eurozone annual inflation rate edges higher to a fresh record high of 5.1% in January from 5% in December, according to Eurostat. Core inflation however which excludes prices of energy, food, alcohol and tobacco, eased to a 3-month low of 2.3%. Energy continues to record the biggest price increase (28.6% vs 25.9% in December), followed by food, alcohol & tobacco (3.6% vs 3.2%), services (2.4%, the same as in December) and non-energy industrial goods (2.3% vs 2.9%), preliminary estimates showed. EUR/USD surged above 1.300 following inflation data as it surpassed market expectation of 4.4%. The pair currently stands at 1.129, easing a bit but at a one-week high.

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