German Consumer Prices Fell in August, in Line With Forecasts

09/11/2020 | 02:25am

By Maria Martinez

German consumer prices fell in August for the second consecutive month, confirming preliminary data, German statistics agency Destatis said Friday.

Consumer prices fell 0.1% on month in August as measured by national standards, and declined 0.2% on EU-harmonized standards, Destatis said. Both readings were in line with the forecasts from economists polled by The Wall Street Journal.

Consumer prices remained flat on the year in national standards and declined 0.1% on the year in EU-harmonized standards, also in line with forecasts.

One of the reasons for the low inflation rate is still the temporary value-added tax reduction, which was implemented on July 1 as a measure of the German government's stimulus package, Destatis said.

 

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

 

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