Greek EU-harmonized inflation stays negative in July

Greek EU-harmonized inflation stays negative in July

Greece’s annual EU-harmonized inflation stayed negative for a fourth month in July, the country's statistics service ELSTAT said on Friday. The reading was -2.1% year-on-year from -1.9% in June.

The data also showed headline consumer price inflation at -1.8% from -1.6% in the previous month.

Prices were led lower by transportation 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. [Reuters]

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