German Consumer Prices Climb Unexpectedly Strongly in July
July 29 2021 - 8:28AM
Dow Jones News
By Maria Martinez
German consumer prices rose strongly in July, according to
preliminary data released by the German statistics office Destatis
on Thursday.
Consumer prices rose 3.8% on year measured by national
standards, more than the 3.3% forecasts by economists polled by The
Wall Street Journal. They rose 3.1% on year by European
Union-harmonized standards, slightly above the 3.0% forecast of
economists polled by The Wall Street Journal.
The increase in the inflation rate is mainly due to the base
effect of a temporary VAT cut in the previous year, the statistics
office said.
Consumer prices rose 0.9% on month by national standards,
beating the 0.5% forecasts of economists polled by The Wall Street
Journal. Prices increased 0.5% by EU-harmonized standards, in line
with forecasts.
The price collection problems caused by the pandemic in the
previous months were less severe in July, as the shop-based retail
business and food service and accommodation establishments were
largely reopened or could offer their services again, Destatis
said.
Final results will be released on August 11.
Write to Maria Martinez at maria.martinez@wsj.com
(END) Dow Jones Newswires
July 29, 2021 08:27 ET (12:27 GMT)
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