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Financial News: German Consumer Prices Fall As Estimated In September

German Consumer Prices Fall As Estimated In September

10/13/2020 - 03:35:00 (RTTNews)

(RTTNews) - Germany's consumer prices declined in September, as initially estimated, final data from Destatis showed Tuesday.

The consumer price index declined 0.2 percent yearly in September, after remining unchanged in August, as estimated earlier. Prices fell for the second time since the beginning of the year.

The latest decline in prices was the biggest since January 2015, when they fell 0.3 percent.

The decline in prices was mainly due to the fall in price of energy products, by 7.1 percent annually, in September.

Excluding energy, inflation was 0.6 percent in September.

Food prices rose 0.6 percent and those of tobacco products grew 5.7 percent.

Meanwhile, prices for telephones and consumer electronics declined 6.1 percent and 4.4 percent, respectively. Prices for information processing equipment fell 3.7 percent and those for clothing decreased 2.8 percent.

Prices for goods fell 1.7 percent in September, while those of services rose 1.0 percent. This was in line with economists' expectation.

On a month-on-month basis, consumer prices fell 0.2 percent in September, after a 0.1 percent decrease in the previous month.

The harmonized index of consumer prices decreased 0.4 percent annually in September, as initially estimated.

On a monthly basis, the HICP fell 0.4 percent in September, as estimated.

One reason for the lower inflation rate was due to the temporary value added tax reduction, which was implemented on 1 July 2020, as a measure of Federal Government's stimulus packages, the Destatis said. Since then, the consumer prices had a downward effect from a year ago, the agency added.

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