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
Al Quaeda terrorist susepct in Greece extradited to the NetherlandsPanos - Jan 28, 2021
A 33-year-old Syrian man accused of involvement in terrorist acts is being extradited from Greece to the Netherlands. The suspect…
Greece sells 10-year bond issue with record-low interest ratePanos - Jan 28, 2021
Greece on Wednesday successfully completed a 10-year syndicated bond issue raising 3.5 billion euros from the market. The interest rate…