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Greek inflation rate slowed to 1.2 pct in May

Greek inflation rate slowed to 1.2 pct in May

Greek inflation rate slowed to 1.2 pct in May, from 1.6 pct in April and -0.9 pct in May 2016, Hellenic Statistical Authority said on Friday. The statistics service, in a monthly report, attributed this development mainly to the introduction of a 10-day offer period in shops, while several product prices rose because of higher taxes.

The alcohol/tobacco group price index grew 7.4 pct in May, followed by the housing group (3.3 pct), transport (6.8 pct), communications (2.1 pct) and hotel/restaurant/coffee shops (2.1 pct). On the other hand, prices fell 0.1 pct in food/beverage, 2.5 pct in clothing/footwear, 3.2 pct in durable goods, 1.7 pct in entertainment, 0.3 pct in education and 2.4 pct in other goods and services.

The inflation rate fell 0.9 pct in May from April 2017, after a 0.4 pct decline recorded in the same period last year. Greece’s harmonized inflation rate grew 1.5 pct in May, from 1.6 pct in April and -0.2 pct in May last year. On a monthly basis, harmonized inflation fell 0.2 pct in May from April.

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