Greek EU-harmonized inflation stays negative in June

Greek EU-harmonized inflation stays negative in June

Greece’s annual EU-harmonized inflation stayed negative for a third month in a row June at -1.9% year-on-year from -0.7% in May, statistics service ELSTAT data showed on Friday.

The data also showed headline consumer price inflation at -1.6% from -1.1% in the previous month. Prices were led lower by transport and housing, the data showed, as the Covid-19 disease has hurt the sectors.

Greece went through a deflation phase during its multi-year debt crisis as wage and pension cuts and a multi-year recession took a heavy toll on household incomes.

Deflation hit its highest level in November 2013 when consumer prices registered a 2.9% year-on-year decline. The economy emerged from deflation in June 2016.

Annual inflation in the 19 countries sharing the euro accelerated to 0.3% in June from a four-year low of 0.1% in May, beating forecasts for no change. [Reuters]

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