Greek consumer prices deflate in November, led by durables, apparel

9 December 2016
783 Views

Greece’s annual EU-harmonised inflation rate turned negative in November after a positive reading in the previous month, statistics service data showed on Friday.

The reading in November was -0.2 percent from 0.6 percent in October. Consumer prices were led lower by durable goods, apparel and footwear.

The data also showed the headline consumer price index fell 0.9 percent year-on-year, with the annual pace of deflation picking up from -0.5 percent in October.

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-on-year decline.

By contrast, eurozone inflation hit a 31-month high in November, providing modest relief for the European Central Bank, as price growth finally ticked up after years of flirting with deflation.
Consumer prices rose 0.6 percent year-on-year from 0.5 percent a month earlier.

You may be interested

Roland Garros: Tsitsipas advanced to the final!
GREECE
shares41 views
GREECE
shares41 views

Roland Garros: Tsitsipas advanced to the final!

makis - Jun 11, 2021

On February 19, Stefanos Tsitsipas, having lost almost his hands to Daniel Medvedev in the semifinals of the Australian Open,…

“Memphis Belle”: The legendary B-17 & the Greek twist of the story (photos)
GREECE
shares48 views
GREECE
shares48 views

“Memphis Belle”: The legendary B-17 & the Greek twist of the story (photos)

Panos - Jun 11, 2021

The reason for “Memphis Belle” being a legend? Belle was one of the first heavy bomber aircraft to complete 25…

Corinthian raisins: The Greek “superfood”
FINANCE
shares35 views
FINANCE
shares35 views

Corinthian raisins: The Greek “superfood”

Panos - Jun 11, 2021

It is considered one of the ‘superfoods’ produced in the Greek land, as it provides a multitude of nutrients. Corinthian…

Leave a Comment

Your email address will not be published.