FILE PHOTO: Full shelves with fruits are pictured in a supermarket during the spread of the coronavirus disease in Berlin, Germany, March 17, 2020. REUTERS/Fabrizio Bensch
BERLIN - German annual consumer prices fell for the first time in more than four years in August due to a VAT cut as part of the government’s stimulus push to help Europe’s largest economy recover from the coronavirus shock, data showed on Monday. German consumer prices, harmonised to make them comparable with inflation data from other European Union countries, fell 0.1% year-on-year after stagnating in the previous month, the Federal Statistics Office said.“The inflation rate is influenced, among other things, by the VAT cut that came into effect on July 1, 2020,” the office said in a statement.The European Central Bank has a target of keeping inflation close to but below 2% in the euro zone.
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'Desperate times ....'