ECONOMY

Greek EU-harmonized inflation slows to 0.2 pct in March

greek-eu-harmonized-inflation-slows-to-0-2-pct-in-march

Greece’s annual EU-harmonized inflation slowed to 0.2 percent in March, statistics service ELSTAT data showed on Friday.

The data also showed headline consumer price inflation down a clip to 0.0 percent from 0.2 percent in the previous month.

During the debt crisis, Greece had been in a deflation mode 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 November 2013 when consumer prices registered a 2.9 percent year-on-year decline. The economy emerged from deflation in June 2016.

Eurozone inflation slowed sharply in March as an oil price war between Russia and Saudi Arabia slashed energy prices and the coronavirus pandemic brought economic activity across the bloc almost to a halt.

The European Union’s statistics office Eurostat said consumer prices in the 19 countries sharing the euro rose 0.5 percent in March against February, decelerating from 1.2 percent annual growth in February. [Reuters]