Greek Inflation Rate -2.6% in December 2014

greek-inflation-drops-sharplyGreek inflation rate fell deeper into negative territory in December (-2.6%), from -1.2% in November, for an average deflation rate of -1.3% in 2014, the Hellenic Statistical Authority (ELSTAT) said on Tuesday.

The statistics service said that on a monthly basis, price increases were recorded in fresh fish (2.5%), dairy/eggs (0.4%), lamb (2.7%), fresh poultry (2.7%) and drugs (0.9%), while price declines were recorded in heating oil (8.1%), petrol (6.6%), fresh fruit (6.7%) and fresh vegetables (3.6%).

On an annual basis, price increases were recorded in urban transport (10.6%), air travel (9.4%), electricity rates (4.9%), tobacco (3.3%), olive oil (3.3%) and feta cheese (1.3%), while on the other hand, price declines were recorded in fresh potatoes (23.2%), sugar (14.3%), heating oil (25%) and petrol (10.8%).

ELSTAT attributed the 2.6% decline in consumer price inflation in December to drops of 1.2% in food/beverage prices, 3.9% in clothing/footwear, 7.1% in housing, 1.7% in durable goods, 1.0% in health, 4.2% in transport, 1.7% in entertainment, 3.1% in education, 1.2% in hotels/restaurants and 2.4% in other goods and services.

Inflation rate fell 0.5% in December, compared to November 2014, after a 0.9% increase recorded in the same period in 2013. The average inflation rate in the January-December 2014 period was -1.3%, compared to -0.9% in 2013.

Greece’s harmonized inflation rate was -2.5% in December, from -1.2% in November.

(source: ana-mpa)