ECONOMY

Inflation a bit lower inJuly, at 11.6%

Inflation a bit lower inJuly, at 11.6%

After several months of continuous rise, annual inflation dropped slightly in July, to 11.6% from 12.1% in June, independent statistics authority ELSTAT announced Monday.

The drop was due to a slight decline in energy and electricity prices, as well as the fact that inflation started its upward trajectory last July, moving the baseline upward.

Consumers, especially those on lower incomes, will find little comfort in that, as food and non-alcoholic drinks continued getting ever more expensive. This particular sub-index rose 13% year-on-year, from 12.6%, and some categories within the sub-index rose even faster: oils (27.3%), bread, cereals and meat (16.7%), dairy products (16.4%).

Despite the drop in price gains, natural gas in July was still 178.6% more expensive than a year ago and electricity 55.8%. Liquid fuels rose 33%.

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