German Consumer Prices Increased in Line With Forecasts in October

11/10/2021 | 02:22am
Maria Martinez

By Maria Martinez

German consumer prices rose strongly in October, confirming preliminary data, statistics office Destatis said Wednesday.

Consumer prices rose 4.5% on year measured by national standards and prices rose 4.6% on year by European Union-harmonized standards, both in line with the forecasts of economists polled by The Wall Street Journal.

The increase in the inflation rate is caused mainly by base effects due to lower prices in 2020, the statistics office said. In this context, the temporary value added tax reduction and the sharp decline in mineral-oil-product prices also had an upward effect on the overall inflation rate, Destatis said.

Additional factors were the introduction of carbon-dioxide pricing in January 2021 and pandemic-related effects, such as marked price increases during the stage of economic recovery, the statistics office said.

Consumer prices rose 0.5% on month by national standards, in line with the forecast of economists polled by the Journal. Prices increased by 0.5% by EU-harmonized standards, also in line with forecasts.

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

(END) Dow Jones Newswires

11-10-21 0221ET

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