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Financial News: German Consumer Prices Rise For First Time In

German Consumer Prices Rise For First Time In Seven Months

02/10/2021 - 02:31:00 (RTTNews)

(RTTNews) - Germany's consumer price inflation turned positive for the first time in seven months in January as the temporary reduction in VAT rates ended in December, final data from Destatis showed on Wednesday.

The consumer price index rose 1.0 percent year-on-year after a 0.3 percent fall in December. The statistical office confirmed the preliminary estimate released on January 28.

A positive inflation rate was last seen in June 2020, when prices were up 0.9 percent.

The higher tax rates since January 2021 have been passed on to the consumers was one reason for the increase in consumer prices, Destatis said.

The harmonized index of consumer prices, or HICP, which is meant for EU comparison, rose 1.6 percent year-on-year in January, as initially estimated, after a 0.7 percent fall in December.

On a monthly basis, the CPI climbed 0.8 percent after a 0.5 percent rise in December. The rate came in line with flash estimate.

Compared to the previous month, the HICP climbed 1.4 percent in January, in line with preliminary estimate, after a 0.6 percent increase in December.

Food prices increased 2.2 percent annually, while prices for energy products dropped 2.3 percent. At the same time, services costs were up 1.4 percent.

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