RTTNews - Wednesday, Germany's Federal Statistical Office said in a preliminary report that the consumer price index or CPI dropped 0.6% year-over-year in July, in contrast to a 0.1% increase in the previous month. This was the first annual decline in consumer prices since March 1987. Economists had expected a decline of 0.3%.

On a monthly basis, the CPI decreased 0.1% in July. Economists were looking for an increase of 0.2%.

The harmonized index of consumer prices or HICP dropped 0.6% on an annual basis in July, compared with a flat reading in the previous month. Economists were looking for a drop of 0.4%. The HICP remained unchanged compared to the preceding month.

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