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Financial News: Germany's Inflation Turns Negative On VAT Cut

Germany's Inflation Turns Negative On VAT Cut

07/30/2020 - 08:25:00 (RTTNews)

(RTTNews) - Germany's consumer prices declined in July largely due to the reduction in the value added tax, preliminary data from Destatis showed Thursday.

Consumer prices declined unexpectedly by 0.1 percent year-on-year, following a 0.9 percent rise in June. Prices were forecast to rise 0.2 percent.

On a monthly basis, consumer prices were down 0.5 percent, faster than the expected fall of 0.2 percent. Final data is due on August 13.

The reduction in value added tax that took effect on July 1 reduced the consumer prices.

The harmonized index of consumer prices remained unchanged on a yearly basis in July, following an increase of 0.8 percent in June. Economists had forecast a 0.4 percent increase.

Month-on-month, the HICP dropped 0.5 percent after rising 0.7 percent in June. The index was forecast to fall 0.2 percent.

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