Eurozone annual HICP inflation rises to 2% in October vs. 1.9% expected

• Annual core HICP inflation in the Eurozone held steady at 2.7% in October.
• EUR/USD trades marginally higher on the day above 1.0850.

The Harmonized Index of Consumer Prices (HICP), the European Central Bank's (ECB) preferred gauge of inflation, rose 2% on a yearly basis in October's flash estimate, Eurostat reported on Thursday. This reading followed the 1.7% increase recorded in September and came in above the market expectation of 1.9%. On a monthly basis, the HICP rose 0.3% after falling 0.1% in September.

The core HICP, which excludes prices of volatile items such as food and energy, rose 2.7% annually, matching the September print.

Market reaction

EUR/USD edges slightly higher following this report and was last seen trading at around 1.0870.

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