Greek Inflation Rate Slowed to -0.3 Pct in August

Greece remained in deflation conditions in August, although the rate of negative trend significantly slowed to -0.3 pct from -0.7 pct in July and -1.3 pct in August 2013, a first sign of a slowdown in a decline of consumer demand in the country.

Hellenic Statistical Authority, in a report released on Wednesday, said that on a monthly basis, price increases were recorded in pharmaceuticals (4.2 pct), fresh fish (1.5 pct), meat (0.8 pct) and vehicles (0.6 pct), while on the other hand, price declines were recorded in fresh vegetables (6.7 pct), fresh fruit (4.3 pct) and petrol (1.6 pct), while the inflation rate was also affected by the summer sales season.

The statistics service said the consumer price index fell 0.3 pct in August, compared with the same month last year, after an 1.3 pct decline recorded in the 2013-2014 period. The statistics service attributed this development to a 2.4 pct decline i food/beverage prices, an 1.3 pct fall in clothing/footwear, an 1.3 pct decline in housing, a 0.5 pct fall in transport prices, a 2.5 pct decline in entertainment prices, a 3.9 pct fall in education, a 0.4 pct decline in hotel/restaurant prices and a 2.6 pct fall in other goods and services. On the other hand, alcohol/tobacco prices rose 1.9 pct, health prices were up 3.5 pct and communications rose 0.1 pct.

Greece's harmonized inflation rate was -0.2 pct in August, from -0.8 pct in July and -1.0 pct in August 2013.