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German Consumer Prices in May Fell on Month

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06/16/2020 | 02:48am EDT

By Maria Martinez

German consumer prices declined in May compared with April and continued to slow year-on-year, driven by a sharp drop in energy prices, the German statistics office Destatis said Tuesday.

Consumer prices decreased 0.1% on month in May measured by national standards, confirming the preliminary estimate and in line with the forecast of economists polled by Dow Jones Newswires.

In European Union-harmonized standards, prices remained unchanged from April, also in line with forecasts.

Consumer prices were up 0.6% on year in national standards and prices rose 0.5% in EU-harmonized standards.

The coronavirus pandemic caused some price-collection problems in May, as was the case in April, as some products weren't available on the market and difficulties were encountered in shop-based price collection, Destatis said. However, the number of prices obtained in May was up from April and the quality of the provisional overall results is assured, Destatis said.

 

Write to Maria Martinez at maria.martinez@wsj.com

 

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