By Maria Martinez
German consumer prices rose strongly in September, confirming preliminary data, statistics office Destatis said Wednesday.
Consumer prices rose 4.1% on year measured by both national standards and European Union-harmonized standards, in line with forecasts.
The increase in the inflation rate is caused mainly by base effects due to lower prices in 2020, the statistics office said.
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.
Consumer prices remained unchanged on month by national standards, in line with forecasts of economists polled by The Wall Street Journal. Prices increased 0.3% by EU-harmonized standards, also in line with forecasts.
The price collection problems caused by the coronavirus pandemic in the previous months continued to ease in September, as the shop-based retail business and food service and accommodation establishments were largely reopened or could offer their services again, Destatis said.
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(END) Dow Jones Newswires