ECONOMY

Consumer price inflation slows to 0.6 pct in May

consumer-price-inflation-slows-to-0-6-pct-in-may

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

The reading in May was 0.6 percent from 1.1 percent in April. The data showed that headline consumer price inflation also decelerated to 0.2 percent year-on-year from 1.0 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 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]