By Maria Martinez

German consumer prices declined further in November, according to preliminary data released by the German statistics office Destatis on Monday.

On a year-on-year basis, consumer prices fell 0.3% measured by national standards, more than the 0.2% drop expected by economists polled by The Wall Street Journal. Consumer prices declined 0.7% year-on-year by EU-harmonized standards, also more than the 0.4% drop expected by economists polled by The Wall Street Journal.

Among others things, the inflation rate was influenced by the value-added-tax reduction effective at the beginning of July, the statistics office said.

Consumer prices decreased 0.8% on month by national standards and fell 0.7% by EU-harmonized standards. Economists polled by The Wall Street Journal had forecast prices would fall 0.7% by national standards and 0.8% by EU-harmonized standards on month.

Final results for November will be released on Dec. 11.

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

(END) Dow Jones Newswires

November 30, 2020 08:24 ET (13:24 GMT)

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