Estimates of the Federal Statistical Office Destatis in Germany showed a rise in inflation represented by the Consumer Price Index (CPI) in the largest economy in the eurozone to 8.7% in the preliminary estimated reading for the month of January, which was announced moments ago, compared to 8.6% in the December reading, which came below expectations.

Which indicated a rise to 8.8%. On a monthly basis, inflation in the largest economy in the eurozone rose to 1% in January, compared to a decline of 0.8% in December, while it had been expected to decline to 0.3%.

The euro is trading higher at 1.9740 levels against the US