Inflation slows to 11.4% in August, still near three-decade high

Inflation slows to 11.4% in August, still near three-decade high

The country’s annual consumer inflation slowed to 11.4% in August from 11.6% in the previous month, but remained close to its highest level in nearly three decades, data showed on Friday.

Surging costs for energy, housing, transportation and foods were the main factors underpinning the figures, statistics service ELSTAT said. Month-on-month consumer inflation fell 0.3%.

Greece’s annual EU-harmonized inflation decelerated to 11.2% in August from 11.3% in July, continuing to squeeze disposable incomes.

EU-harmonized inflation is an index of components that is used across the EU to measure inflation in a consistent way.

Natural gas prices soared 261.3% on an annual basis, while electricity prices were up 38.5% and those for heating oil up 65.1%, ELSTAT said.

The cost of housing rose 31.4% year-on-year in August while transportation prices were up 16%, with foods and non-alcoholic beverages 13.2% more expensive, the data showed. [Reuters]

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