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rdf:type	schema:NewsArticle
schema:articleBody	German consumer prices fell in September, official data showed Tuesday, dragged lower by a sales tax cut brought in to help Europe's top economy weather the coronavirus upheaval. Inflation turned negative at -0.2 percent in September year-on-year, according to preliminary data from federal agency Destatis, after being flat in August and reaching -0.1 percent in July. Destatis said the dip was due in part to Germany's cutting of VAT in July to boost spending. The tax reduction is set to last until the end of the year. "Many aspects of the recent drop in inflation can be explained rationally: VAT reduction, social distancing, devastating summer for tourism in many countries," said ING's Carsten Brzeski. "However, it would not be the first time that falling prices, driven by one-off factors, compared with economic uncertainty and increasing unemployment could develop into a deflationary spiral." Deflation, or a spiral of falling prices, can deter customers from spending in anticipation of even cheaper prices, creating pressure on businesses who may end up cutting jobs or closing down. Energy prices in Germany continued to dive in September, falling 7.1 percent, while food prices rose 0.6 percent, Destatis said. The German economy slumped 9.7 percent in the second quarter of 2020, its sharpest decline since records began, but Economy Minister Peter Altmaier said earlier in September that the country is in a "V-shaped" recovery. German GDP is still expected to fall 5.8 percent in 2020. Falling prices adds to fears that Europe's largest economy will drag down eurozone inflation, to be released on Friday, causing anxiety among European Central Bank policymakers. According to the ECB's preferred yardstick, known as the Harmonised Index of Consumer Prices (HICP), German inflation fell 0.4 percent year-on-year -- far off the ECB's inflation target of just under two percent. The bank's board is already split on next steps as part of its monetary stimulus, between those who believe the ECB's policies should be more restrained and those who think the bloc's fragile recovery needs more support. Euro area inflation was -0.2 percent in August and "is expected to remain negative over the coming months", according to ECB chief Christine Lagarde. edf/mfp/rl
schema:headline	German consumer prices fall in September
schema:mentions	European Central Bank Eurozone Sales tax Applied Digital Data Systems Christine Lagarde Anxiety Social distancing Inflation Value-added tax Germany Gross domestic product European Union Coronavirus Harmonised Index of Consumer Prices Deflation Drag coefficient European Development Fund Hyperinflation in the Weimar Republic Peter Altmaier
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-09-29 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	neutral sentiment
http://data.cimple...readability_score	65 (xsd:integer)
http://data.cimple...tology#hasEmotion	fear

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