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According to preliminary data released on Tuesday, Germany’s inflation rate rose to 2.1% in April, surpassing the ECB’s target for the first time since November last year.

According to the German Federal Statistical Office, the initial value of the Consumer Price Index (HICP) rose by 2.1% from the same period of the previous year, much higher than the 1.7% increase expected by Reuters interview analysts. Last month it was up 1.4%.

After the data was released, the euro zone stock market and German government bond yields rose.

The ECB's goal is that Eurozone inflation remains close to but slightly below 2%. Eurozone inflation has been lower than the ECB's target for a long time in the past. European Central Bank interest rate maker Ryan said on Friday that investors may doubt the effectiveness of the ECB's monetary policy measures in boosting inflation.

Eurozone inflation is expected to fall this year, reflecting a slowdown in economic growth and a fall in energy prices. Although the ECB has adopted a loose monetary policy, it is expected that inflation will not reach the central bank's target in the next few years.

Germany's April consumer price index (HICP) initial value rose by 1.0% from the previous month, Reuters survey is expected to rise by 0.6%.

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