Finance

Finance

Germany's annual inflation reaches 28 years' maximum in July

11 August 2021 11:11 (UTC +04:00)

German consumer prices climbed in July, confirming preliminary data, the German statistics office Destatis said Wednesday, APA-Economics reports.

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.