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Greek consumer prices deflate in November, led by durables, apparel
December 9, 2016 / 10:18 AM / in a year

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

ATHENS, Dec 9 (Reuters) - Greece's annual EU-harmonised
inflation rate turned negative in November after a positive
reading in the previous month, statistics service data showed on
    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 euro zone, 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
    By contrast, euro zone 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
    Consumer prices rose 0.6 percent year-on-year from 0.5
percent a month earlier. 

EU-harmonised  -0.2  +0.6   -0.1  +0.4    +0.2   +0.2   -0.2
CPI y/y        -0.9  -0.5   -1.0  -0.9    -1.0   -0.7   -0.9
source: ELSTAT

 (Reporting by George Georgiopoulos)

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