Tuesday, August 11, 2009

Deflation Hits Germany

Bloomberg details:

Consumer prices in Germany posted their first annual decline in more than 22 years in July and wholesale prices plunged after energy costs fell and the worst recession since World War II curbed spending.

Consumer prices, calculated using a harmonized European Union method, fell 0.7 percent from a year earlier, more than initially estimated, the Federal Statistics Office in Wiesbaden said today. A separate report showed wholesale prices dropped 10.6 percent in July from a year ago, the biggest decline since the data were first compiled in 1968.

The statistics office previously reported that German harmonized consumer prices fell 0.6 percent in July from a year earlier. Prices fell 0.1 percent from June, it said. On a non- harmonized basis, consumer prices declined 0.5 percent in July, the first annual decrease since March 1987.

Source: Destatis

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