1/19, 8:00 AM (Source: TeleTrader)
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German inflation rate at -0.3% in December

Consumer prices in Germany decreased by 0.3% in December compared to the same month last year, the Federal Statistical Office (Destatis) on Tuesday, thus confirming its provisional estimate. The figure increased from November's annual inflation rate by 0.5% and was in line with expectations. The overall consumer price index for 2020 rose by 0.5% from the 2019 figure.

On a monthly basis, consumer prices in Europe's largest economy were 0.6% higher compared to November. The harmonized index of consumer prices for Germany decreased by 0.7% from December last year, but was up 0.6% month on month.

The December decline was led by an annual fall of 5.4% in the clothing and footwear price index, which was followed by a 3.4% decline in communication. Meanwhile, the annual rise in the consumer price index came as food prices increased by 2.4% year-on-year and services prices were up by 1.3% in 2020 compared to 2019.

Breaking the News / VP