Greek deflation rate falls in February

Greece remained in a deflation cycle for the 12-month in a row in February, although during the last few months the rate of decline has slowed, Hellenic Statistical Authority said on Monday.

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The consumer price index remained a negative -1.1 pct in February, from -1.4 pct in January. The statistics service said that price increases were recorded in pharmaceuticals (27.2 pct), electricity rates (7.9 pct), tobacco (2.5 pct), dairy/eggs (1.9 pct), olive oil (1.7 pct) and road tolls (0.9 pct), while on the other hand price declines were recorded in fresh lamb meat (9.2 pct), fresh vegetables (7.7 pct), fresh potatoes (6.3 pct), petrol (5.6 pct), poultry (4.8 pct), heating oil (3.8 pct) and fresh fruit (3.2 pct) according to ANA-MPA


The consumer price index was down 1.3 pct in February, from January, after a decline of 1.6 pct recorded in the same period last year.

The statistics service attributed the -1.1 pct inflation rate in February to an 1.3 pct decline in food/beverage prices, a 2.9 pct fall in clothing/footwear, a 2.2 pct in housing prices, a 0.2 pct fall in durable goods, a 3.4 pct decline in transportation, a 2.9 pct fall in entertainment, a 3.9 pct fall in education prices, a 2.7 pct fall in hotel/restaurant and a 4.1 pct fall in other goods and services. On the other hand, alcohol/tobacco prices rose 2.0 pct in February and healthcare prices rose 1.7 pct