Greek inflation slows in July

Greece’s annual EU-harmonized inflation rate slowed in July, according to data from statistics service ELSTAT.

The reading was 0.8 percent from 1.0 percent in June.

The data showed the headline consumer price index rose to 0.9 percent year-on-year, also decelerating from 1.0 percent in the previous month.

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 the country hit its highest level in November 2013, when consumer prices registered a 2.9 percent year-on-year decline.

The economy emerged from deflation in June 2016.

[Reuters]