Euro area annual Core CPI remains steady at 1.1% as expected

• Inflation readings in the euro area matched market expectations in February.
• EUR/USD clings to modest daily gains above 1.1900 after the data.

Inflation in the euro area, as measured by the Consumer Price Index (CPI), stayed unchanged at 0.2% and 0.9% on a monthly and yearly basis, respectively, in February as expected.

Further details of the report published by Eurostat revealed that the annual Core CPI, which excludes volatile food and energy prices, remained steady at 1.1%. This reading came in line with analysts' estimate as well.

"European Union annual inflation was 1.3% in February 2021, up from 1.2% in January," the publication further read. "A year earlier, the rate was 1.6%."

Market reaction

The EUR/USD pair edged slightly lower from session highs after this data and was last seen posting small daily gains at 1.1907.