Greek consumer price inflation slows down in August


Greece’s annual EU-harmonized inflation slowed down in August, statistics service data showed on Friday. The reading in August was 0.6 percent, from 0.9 percent in July. The data also showed the headline consumer price index fell to 0.9 percent compared to 1.0 percent year-on-year the previous month.

For years an inflation outlier in the eurozone, 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 Greece, which signed up to its first international bailout in 2010, 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]