By Maria Martinez German consumer prices climbed in July, confirming preliminary data, the German statistics office Destatis said Wednesday.
Consumer prices rose 3.8% on year measured by national standards, in line with the forecast by economists polled by The Wall Street Journal. They rose 3.1% on year by European Union-harmonized standards, also as forecast. The increase in the inflation rate is mainly due to the base effect of a temporary value-added-tax cut in the previous year, the statistics office said.
Consumer prices rose 0.9% on month by national standards, in line with the forecast 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.
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