BUSINESS

Inflation remained above 1 percent in February

TAGS: Economy

Greece’s headline consumer price index rose to 1.3 percent year-on-year, from 1.2 percent in the previous month, when it emerged from a protracted deflation trend, according to figures released on Friday by the Hellenic Statistical Authority (ELSTAT).

However, the data showed the annual European Union-harmonized inflation rate slowed in February, with the reading coming in slightly below market expectations.

The reading in February was 1.4 percent from 1.5 percent in January.

Consumer prices were led lower by apparel, footwear, durable household goods and healthcare costs.

Economists polled by Reuters were forecasting a 1.5 percent print.

For years an inflation outlier in the eurozone, Greece had been in a protracted deflation mode since March 2013 based on its headline index, as wage and pension cuts and a multi-year recession took a heavy toll on Greek household incomes.

Deflation in Greece, which signed up to its first international bailout in 2010, hit its highest level in November 2013, when consumer prices registered a 2.9 percent year-on-year decline.

[Reuters]

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