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German Consumer Prices Fell in October on Year

10/29/2020 | 08:31am EST

By Maria Martinez

Preliminary data shows German consumer prices declined in October on year, German statistics office Destatis said Thursday.

Year-on-year, consumer prices fell 0.2% measured by national standards, less than the 0.3% drop expected by economists polled by The Wall Street Journal. Consumer prices declined 0.5% on EU-harmonized standards year-on-year, in line with forecasts.

Among others things, the inflation rate has been influenced by the value added tax reduction effective at the beginning of July, the report said.

Consumer prices increased 0.1% on month by national standards and remained flat in EU-harmonized standards. Economists polled by The Wall Street Journal had forecast that prices would remain flat on both national standards and EU-harmonized standards on month.

Final results for October will be released on Nov. 12.

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

(END) Dow Jones Newswires

10-29-20 0930ET

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