Consumer Price Index (CPI)

The consumer price index determines the rate of inflation (i.e. the rate of change in prices) from the point of view of consumers when they buy goods and services. The consumer price index is one of the most watched indicators by currency traders and is a basic indicator for determining financial inflation and buying trends in society in the euro area.
Consumer price inflation in the euro area was confirmed at 9.2 percent year-on-year in December 2022, down from 10.1 percent in November and October's 10.6 percent. However, the rate remained well above the ECB's 2.0% target, suggesting that policymakers may continue the policy tightening campaign for some time. A sharp slowdown in energy inflation (25.5 percent versus 34.9 percent in November) offset faster increases in prices for services (4.4 percent versus 4.2 percent), non-energy industrial goods (6.4 percent versus 6.1 percent), and food, alcohol, and tobacco (13.8 percent versus 13.6 percent). ). Meanwhile, the core rate, which excludes volatile items such as energy and food, rose to a new record high of 5.2 percent in December. On a monthly basis, consumer prices fell 0.4 percent, the largest drop since August 2020

Outlook for today's statement and how it will affect the currency

Expectations indicate that inflation data will decline to a rate of 9%.
If the statement is issued below expectations, it will affect the currency in a negative way, but if the statement is issued at a rate higher than expected, it will affect the currency in a positive way.

The timing of the statement

The statement will be issued at exactly twelve noon Mecca Al-Mukarramah time