BUSINESS

Greek consumer price inflation steady at 0.9 pct in July

TAGS: Finance

Greece's annual EU-harmonized inflation rate was steady in July, statistics service data showed on Wednesday.

The reading in July was 0.9 percent, unchanged from June.  

The data also showed the headline consumer price index was steady at 1.0 percent year-on-year compared to the previous month.
   
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. The economy emerged from deflation in June 2016.

Eurozone inflation was stable in July but its core measure, which is closely watched by the European Central Bank, went up to a four-year high against market expectations of a drop.
   
Eurozone consumer prices were stable at 1.3 percent year-on-year in July but core inflation, which excludes the two most volatile components of unprocessed food and energy, went up to 1.3 percent from 1.2 percent in June.    

[Reuters]
 

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