In­fla­tion re­mained above 1 per­cent in Fe­bru­ary

Kathimerini English - - Focus -

Greece’s headline con­sumer price in­dex rose to 1.3 per­cent year-on-year, from 1.2 per­cent in the pre­vi­ous month, when it emerged from a pro­tracted de­fla­tion trend, ac­cord­ing to fig­ures re­leased yes­ter­day by the Hel­lenic Sta­tis­ti­cal Author­ity (ELSTAT). How­ever, the data showed the an­nual Euro­pean Union-har­mo­nized in­fla­tion rate slowed in Fe­bru­ary, with the read­ing com­ing in slightly below mar­ket ex­pec­ta­tions. The read­ing in Fe­bru­ary was 1.4 per­cent from 1.5 per­cent in Jan­uary. Con­sumer prices were led lower by ap­parel, footwear, durable house­hold goods and health­care costs. Economists polled by Reuters were fore­cast­ing a 1.5 per­cent print. For years an in­fla­tion out­lier in the eu­ro­zone, 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 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 yearon-year de­cline.

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