The Consumer Price Index (CPI) is a critical economic indicator that can influence market sentiment and monetary policy decisions. For VGK, which tracks an index of European equities, a higher-than-expected CPI could signal inflationary pressures, potentially leading to tighter monetary policy by the European Central Bank (ECB). However, since the CPI is only slightly above estimates and lower than the previous month, the immediate impact on VGK might be neutral as investors digest the implications for interest rates and economic growth in the Eurozone.