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Greek EU-harmonized inflation picks up to 1.1% in December

FILE PHOTO: Two women stand in front of a Marinopoulos supermarket, while the Greek retail group Marinopoulos applies for creditor protection, in Athens, Greece, June 29, 2016. REUTERS/Michalis Karagiannis

ATHENS (Reuters) - Greece’s annual EU-harmonised inflation rate accelerated in December, statistics service ELSTAT data showed on Monday.

The reading was 1.1% from 0.5% in November. The data also showed that headline consumer price inflation picked up to 0.8% from 0.2% 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 household incomes.

Deflation in the country hit its highest level in Nov. 2013 when consumer prices registered a 2.9 percent year-on-year decline. The economy emerged from deflation in June 2016.

Euro zone inflation jumped to 1.3% in December from 1.0% in November as energy prices rebounded and the cost of food products rose.

Reporting by George Georgiopoulos

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