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

9 December 2016
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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.

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