Since the CPI data came in as expected, there is no surprise element to cause significant volatility. However, as CPI is an indicator of inflation, which can influence central bank policy and economic health, it holds some relevance for investors in German equities, including those holding EWG. The importance is moderate because the data is preliminary and in line with expectations, suggesting no immediate cause for concern. The confidence level is high due to the direct correlation between CPI data and economic indicators that can affect market performance.