Germany: Annual Consumer Price Index (CPI) drops to 1.4% in May vs. 1.6% expected

According to the preliminary report published by the Destatis, inflation, as measured by the Consumer Price Index, in Germany dropped to 1.4% on a yearly basis in May from 2% in April and fell short of the analysts' estimate of 1.6%. On a monthly basis, the CPI came in at 0.2% vs. 0.3% expected.

Furthermore, Harmonized CPI fell to 0.3% and 1.4% on a monthly and yearly basis, respectively. 

Despite the dismal inflation figures, the shared currency remains resilient against its rivals with the EUR/USD pair adding 0.2% on a daily basis at 1.1153.