Inflation rate in 2020: +0.5% on the previous year

Consumer prices in Germany rose by 0.5% on an annual average in 2020 compared with 2019. The increase was markedly below the relevant level in the previous year (2019: +1.4%). The Federal Statistical Office (Destatis) also reports that a lower annual rate of price increase was last measured in 2009 during the financial and economic crisis (+0.3%). In December 2020, the inflation rate, measured as the year-on-year change in the consumer price index, stood at -0.3%. This was the fifth time that the rate was negative in 2020.One of the reasons for the low annual rate of price increase was the temporary value added tax … (full story)

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