ECONOMY

Inflation slows but tobacco, drink prices pick up

Greece?s consumer price index slowed to 3.9 percent year-on-year in April, from 4.5 percent in the previous month, despite rising tobacco and alcoholic drink prices, according to the Hellenic Statistical Authority (ELSTAT).

ELSTAT said on Monday that the price of alcoholic drinks and tobacco goods rose 11.6 percent in the last twelve months while accommodation prices jumped 9.4 percent, mainly due to the rising cost of heating fuel.

Among the items which became cheaper where heath services, including the cost of medicine, where prices retreated 1.2 percent since April last year.

Greece?s European Union harmonized consumer price index recorded an annual increase of 3.7 percent, down from 4.3 percent increase in March, ELSTAT added.

On a eurozone level, where the 17 countries share the single currency, inflation crept up to an unexpectedly high 2.8 per cent in April, keeping pressure on the European Central Bank to raise interest rates again later this year.