De­fla­tion slows down in Oc­to­ber

Kathimerini English - - Focus -

Greece’s head­line con­sumer price in­dex fell by 0.5 per­cent year-on-year last month, with the an­nual pace of de­fla­tion slow­ing from -1.0 per­cent in Septem­ber, Hel­lenic Sta­tis­ti­cal Au­thor­ity data showed yes­ter­day. This is the 44th con­sec­u­tive month of de­fla­tion for the Greek econ­omy. For years an in­fla­tion out­lier in the euro­zone, Greece has 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 Greece, which signed up to its first in­ter­na­tional bailout in 2010, hit its high­est level in Novem­ber 2013, when con­sumer prices reg­is­tered a 2.9 per­cent year-onyear de­cline. The data also showed the an­nual EU-har­mo­nized in­fla­tion rate turned pos­i­tive after a neg­a­tive read­ing in the pre­vi­ous month. The read­ing in Oc­to­ber rose to 0.6 per­cent from -0.1 per­cent in Septem­ber. Con­sumer prices were led higher by trans­porta­tion costs, al­co­holic beverages, to­bacco and tele­coms. In­fla­tion in the 19 coun­tries shar­ing the euro rose to 0.5 per­cent year-on-year in Oc­to­ber, pick­ing up from 0.4 per­cent in Septem­ber as the im­pact of weaker en­ergy prices di­min­ished.

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