March inflation rises 1.7 pct year-on-year

Greece inflation dropped to a 1.7 percent rate in March, down from 2.1 percent in the previous month, according to data released Monday.

Data made available by the Hellenic Statistical Authority (ELSTAT) Monday also showed that the country’s industrial production fell 8.3 percent on the year in February. The trend is said to be driven mainly by a decline in domestic consumption and higher fuel prices.

Belt-tightening measures commanded by Greece’s bailout deal have diminished economic activity. The European Commission predicts that the Greek economy will shrink by an annual pace of 4.7 in 2012.