BUSINESS

Greek consumer price inflation slows down to 0.5 pct in October

TAGS: Economy

Greece's annual EU-harmonized inflation rate slowed down in October, statistics service ELSTAT data showed on Thursday.

The reading in October was 0.5 percent from 1.0 percent in September. The data also showed the headline consumer price index was 0.7 percent year-on-year from 1.0 percent in the previous month.

Consumer prices were led higher by alcoholic beverages, tobacco, hotels and restaurants, the data showed.

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 the country hit its highest level in November 2013 when consumer prices registered a 2.9 percent year on year decline. It emerged from deflation in June 2016. [Reuters]

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