BUSINESS

Inflation climbs to 1 percent in June

TAGS: Economy

Greece’s annual headline consumer price index accelerated in June to 1.0 percent year-on-year from 0.6 percent in the previous month, statistics service ELSTAT data showed on Tuesday.

The data also showed the European Union-harmonized inflation rate rose by equal measure, running at 1.0 percent last month from 0.8 percent in May.

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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