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Financial News: German Consumer Prices Unchanged In August

German Consumer Prices Unchanged In August

09/11/2020 - 04:18:00 (RTTNews)

(RTTNews) - Germany's consumer prices were unchanged in August after a modest decline in July, latest data from Destatis confirmed on Friday.

The consumer price index was unchanged on a year-on-year basis, after a 0.1 percent fall in July. Compared to the previous month, the index decreased 0.1 percent. The harmonized index of consumer prices, or HICP, dropped 0.1 percent year-on-year after remaining unchanged in July. The index fell for the first time since May 2016.

On a month-on-month basis, the HICP declined 0.2 percent.

The flash estimates were thus confirmed.

Among the reasons for the low annual inflation rate remained the temporary value added tax reduction, which was implemented July 1 as part of the government's stimulus package to support the economy amid the coronavirus, or Covid-19, crisis, Destatis said. The year-on-year decline in energy prices eased to 6.3 percent from 6.7 percent in July. Food prices grew 0.7 percent, which was slower than the 1.2 percent increase in July.

Excluding energy prices, inflation was 0.7 percent in August. Costs of services grew 1 percent year-on-year in August, partly boosted by higher prices in hair dressing salons and restaurants and cafes probably due to more hygienic measures adopted on reopening after the lockdown. Separately, Destatis reported that the wholesale prices decreased 2.2 percent annually in August after a 2.6 percent drop in July. Prices fell 0.4 percent from the previous month.

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