BUSINESS

Greek inflation picks up to 1.1 pct in Nov

TAGS: Economy

Greece’s annual headline consumer price index accelerated last month, statistics service ELSTAT data showed Friday.

The reading in November was 1.1 percent year-on-year from 0.7 percent in the previous month. The data also showed the European Union-harmonized inflation rate was at 1.1 percent from 0.5 percent in October.

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. The economy emerged from deflation in June 2016. [Reuters]

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