12/11/2020, 8:00 AM (Source: TeleTrader)
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Germany's annual CPI at -0.7% in November

Harmonized consumer prices in Germany declined 0.7% in November compared to the same month last year, according to a Federal Statistical Office (Destatis) report published on Friday. The figure met the expectations, confirming the preliminary results. On a monthly basis, the harmonized index showed a 1% decrease in prices.

At the same time, the report revealed non-harmonized data. Consumer prices declined 0.3% year-on-year, while dropping 0.8% compared to October. "This was the fourth time the inflation rate was negative this year... Such low rate of inflation was last observed in January 2015," the report concluded.

Next to the data, the release explained consumer prices suffered a downfall since the government introduced lower VAT rates to counter the negative effects of the coronavirus pandemic. Overall, goods were annually cheaper by 1.8%.

Breaking the News / ND