08:43 AM EDT, 05/14/2024 (MT Newswires) -- The euro is largely unmoved against the US dollar on Tuesday in Europe after Germany's Federal Statistical Office reported the consumer price index reconfirmed the preliminary reading of 2.2%.

EUR/USD was 1.0799 in afternoon European trade at the time of writing.

Germany's Federal Statistical Office President Ruth Brand said the inflation rate dropped 3% since the start of the year.

Food prices increased by 0.5% in April compared with the same month a year earlier, despite the 0.7% fall in prices observed in March.

The steady reading supports the view that the ECB is on track to cut rates as early as next month.