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Greek consumer prices rise in January, led by transport, housing costs
February 15, 2017 / 10:21 AM / 9 months ago

Greek consumer prices rise in January, led by transport, housing costs

ATHENS, Feb 15 (Reuters) - Greece's annual EU-harmonised
inflation rate picked up in January, statistics service data
showed on Wednesday, with the reading coming in above market
expectations, hitting almost a five-year high.
    The reading in January was 1.5 percent from 0.3 percent in
December. Consumer prices were led higher by transport, housing,
telecoms, alcoholic beverages and tobacco costs.
    Economists polled by Reuters were forecasting a 0.4 percent
print in January.
    The data also showed the headline consumer price index rose
to 1.2 percent year-on-year from zero percent in the previous
month, emerging 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 jumped more than expected in January on
a surge in energy prices as economic growth accelerated and
unemployment fell to its lowest level in more than seven years.
    Inflation in the 19 countries sharing the euro accelerated
to 1.8 percent year-on-year in January from 1.1 percent in
December, reaching the European Central Bank's medium-term
target of below, but close to 2 percent. 
EU-harmonised  1.5   0.3   -0.2  +0.6   -0.1  +0.4    +0.2
CPI y/y        1.2   0.0   -0.9  -0.5   -1.0  -0.9    -1.0
source: ELSTAT

 (Reporting by George Georgiopoulos)

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