BUSINESS

Consumer prices down 0.7 percent in June

TAGS: Economy

Last month’s 4.7 percent year-on-year decline in transport fares, including ferry tickets, contributed to a 0.7 percent yearly decline of the consumer price index, with the Hellenic Statistical Authority (ELSTAT) confirming on Friday that June was the 40th consecutive month of deflation.

This price drop took place despite the tax increases, led by the rise in the main value-added tax rate from 23 to 24 percent as of June 1.

Notably, fruit prices posted a 12.8 percent annual drop and diesel prices declined 11.1 percent. Food in general recorded growth of 7.3 percent, the biggest of all commodities.

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