Greek Consumer Inflation Accelerates in November

Greece’s consumer price inflation accelerated in November after easing in the previous month, figures from the Hellenic Statistical Authority (ELSTAT) showed Friday.

Consumer prices climbed 1.1% year-over-year in November, faster than the 0.7% increase in October. The measure has been rising since January.

Transport costs grew 5.6% annually in November and prices of food and non-alcoholic beverages increased by 0.7%.

On a monthly basis, consumer prices dropped 0.7% from October, when it increased by 0.1%.

EU harmonized inflation in Greece, accelerated to a 6-month high of 1.1% in November from 0.5% in October.

Month-on-month, the harmonized index of consumer prices fell 0.9% from October, when it edged down by 0.1%.

Inflation rise is generally linked to GDP growth, but in the case of Greece it has the opposite effect, on account of wage and income stagnation due to the long recession.