Germany’s consumer prices declined for the second straight month in October largely due to the reduction in the value added tax, preliminary data from Destatis showed on Thursday.

Consumer prices fell 0.2 percent on year, the same rate of decrease as seen in September. Economists had forecast an annual decrease of 0.3 percent.

Month-on-month, the consumer price index edged up 0.1 percent, in contrast to a 0.1 percent fall economists’ had forecast. Prices had decreased 0.2 percent in September.

The harmonized index of consumer prices slid 0.5 percent annually, following a 0.4 percent drop in the previous month. Prices were expected to drop again by 0.4 percent.

On a monthly basis, the HICP remained unchanged in October versus the expected rise of 0.1 percent. Final data is due on November 12.

Eurozone consumer price data is due on October 30. Consumer prices in the currency bloc are forecast to drop 0.3 percent on year in October.

The material has been provided by InstaForex Company – www.instaforex.com

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