Greek consumer prices deflate in November, led by durables, apparel
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
Coronavirus Greece: 2,845 new cases, 165 intubated, 12 deathsmakis - Jul 30, 2021
Greek authorities announced that the new laboratory-confirmed cases of coronavirus recorded in the last 24 hours are 2,845, of which…
Coronavirus Greece: 2,696 new cases, 157 intubated, 9 deathsmakis - Jul 29, 2021
Greek authorities announced today that the new laboratory-confirmed cases of coronavirus recorded in the last 24 hours are 2,696, of…
Greek real estate market still strong despite Covid-19 pandemic, report showsPanos - Jul 29, 2021
The Greek real estate market is demonstrating resilience in 2020 despite the fact that the pandemic had an overall negative impact on the…