Inflation drops off to 11.1 pct

Inflation in Greece has declined slightly for a second time in August, according to preliminary data released by the European Union’s statistics agency, Eurostat, on Wednesday.

Greece’s harmonized index of consumer prices (HICP) stood at 11.1% in August, down from 11.3% in July. Month-on-month, consumer prices dropped 0.3% in August, Eurostat estimates.

Greece’s HICP rate is higher than the eurozone average, which rose to 9.1% in August from 8.9% in July. Greece has the seventh-highest inflation rate among the 19 eurozone members, reflecting its higher-than-average dependency on energy imports: Energy inflation in August was 49.6%, the eurozone’s third highest. The zone’s average was 38.3% in August, down from 39.6% in July. But energy-dependent prices of goods and services continued to rise in August.