ECONOMY

Greek consumer price inflation slows to 1.1 pct in November

greek-consumer-price-inflation-slows-to-1-1-pct-in-november

Greece's annual EU-harmonised inflation rate slowed in November, statistics service ELSTAT data showed on Monday.

The reading was 1.1 percent from 1.8 percent in October. The data showed the headline consumer price index decelerated to 1.0 percent year-on-year, slowing from 1.8 percent in the previous month.

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 the country hit its highest level in Nov. 2013 when consumer prices registered a 2.9 percent year-on-year decline.

The economy emerged from deflation in June 2016. [Reuters]