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- Germany’s annual CPI jumps 3.8 percent in July
Germany’s annual CPI jumps 3.8 percent in July
Germany's
Federal Statistical Office (Destatis) reported on Thursday the country’s
consumer price index (CPI) is expected to increase 0.9 percent m-o-m in July after
rising 0.4 percent m-o-m in the previous month.
On
the y-o-y basis, Germany’s CPI is seen to surge 3.8 in July, following a 2.3
percent climb in June. This represents the largest advance since December 1993,
caused, in particular, by the value-added tax effect, as the German government cut the tax rates temporarily in July 2020 as a part of its support to
the pandemic-hurt economy.
Economists
had predicted inflation would rise 0.5 percent m-o-m and 3.3 percent y-o-y in July.
According
to the report, food prices surged 4.3 percent y-o-y in July after a 1.2 percent
y-o-y gain in June. Energy prices jumped 11.6 percent y-o-y after a 9.4 percent
y-o-y climb in the previous month. Services costs rose 2.2 percent y-o-y, accelerating
from 1.6 percent y-o-y in June.
Meanwhile,
the harmonized index of consumer prices for Germany (HICP), which is calculated
for European purposes, is expected to advance 0.5 percent m-o-m and 3.1 percent
y-o-y.
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