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Greek consumer prices ease in February, led by durables, apparel costs
March 10, 2017 / 10:14 AM / 8 months ago

Greek consumer prices ease in February, led by durables, apparel costs

    ATHENS, March 10 (Reuters) - Greece's annual EU-harmonised
inflation rate slowed in February, statistics service data
showed on Friday, with the reading coming in slightly below
market expectations.
    The reading in February was 1.4 percent from 1.5 percent in
January. Consumer prices were led lower by apparel, footwear,
durable household goods and healthcare costs.
    Economists polled by Reuters were forecasting a 1.5 percent
    The data also showed the headline consumer price index rose
to 1.3 percent year-on-year, from 1.2 percent in the previous
month, when it emerged from a protracted deflation trend.
    For years an inflation outlier in the euro zone, Greece had
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
    Euro zone inflation surged to a four-year high last month,
zooming past the European Central Bank's target and piling
pressure on rate setters to open talks about when and how
extraordinary stimulus measures will be scaled back.
    Inflation in the 19 countries sharing the euro accelerated
to 2.0 percent from 1.8 percent in January, the highest since
the start of 2013 and just above the ECB's target of a rate just
below 2 percent.                

EU-harmonised  1.4   1.5   0.3   -0.2  +0.6   -0.1  +0.4
CPI y/y        1.3   1.2   0.0   -0.9  -0.5   -1.0  -0.9
source: ELSTAT

 (Reporting by George Georgiopoulos)

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