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Germany April Consumer Prices Rose in Line With Forecasts -- Update

05/12/2021 | 02:45am EDT

--German consumer prices rose 2.0% on year by national standards

--Coronavirus restrictions caused pricing collection problems in April

--Consumer prices rose 0.7% on month by national standards and 0.5% by EU-harmonized standards

By Maria Martinez

German consumer prices rose in April reaching a level last recorded in April 2019, the German statistics office, Destatis, said Wednesday.

Consumer prices rose 2.0% on year, measured by national standards, in line with the forecasts of economists polled by The Wall Street Journal. Prices rose 2.1% on year by European Union-harmonized standards, also in line with forecasts.

The inflation rate increased for the fourth consecutive month after the end of the temporary reduction of the value-added tax rate, Destatis said.

On month, consumer prices rose 0.7% by national standards and 0.5% by EU-harmonized standards, both as forecast.

The prices of goods rose 2.6% on year. Food prices rose 1.9% on year, with particularly higher prices for sweets and chocolates, and dairy products.

Energy-product prices were 7.9% higher than a year earlier. After the 4.8% rise in March, the on-year price increase accelerated and had an upward effect on the inflation rate. Excluding energy prices, the inflation rate would have been 1.4% in April instead of 2.0%.

The prices of services were up 1.6% in April compared with the same month a year earlier, Destatis said.

The coronavirus pandemic and its related restrictions caused pricing collection problems in April as some products weren't available in the market, Destatis said.

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

(END) Dow Jones Newswires

05-12-21 0244ET

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