According to the latest data released on Friday, Greek economy remained in a deflation zone for the 42nd successive month in August, with the consumer price index falling by 0.9 pct on an annual basis despite increases in indirect taxes introduced in July
The consumer price index was -1.0 pct in July and -1.5 pct in August last year. Hellenic Statistical Authority attributed this development to a decline in pricesin food/beverage (-0.6 pct), clothing/footwear (-1.2 pct), housing (-4.2 pct), transport- (-3.3 pct), entertainment (-1.1 pct), education (-1.3 pct), other goods/services (-0.6 pct), and to price increases in alcohol/tobacco (1.8 pct), durable goods (2.1 pct), health (0.3 pct), communications (0.7 pct), hotel/restaurants (1.5 pct). The consumer price index fell 0.3 pct in August from July, after a 0.4 pct decline recorded in the same period last year. Greece's harmonized inflation grew 0.4 pct in August compared with the same month in 2015, while on a monthly basis, it was unchanged.