Greece Inflation Highest Since December 1993; Industrial Output Growth Eases

greece-inflation-highest-since-december-1993;-industrial-output-growth-eases

Greece’s consumer price inflation accelerated in September to reach its highest level in nearly twenty-nine years, while industrial production growth eased further in August, data from the Hellenic Statistical Authority showed on Monday.

Consumer prices climbed 12.0 percent year-on-year in September, faster than the 11.4 percent rise in August. Prices have been rising since May last year.

Further, this was the strongest inflation rate since December 1993, when prices had risen the same 12.0 percent.

The overall inflation in July was largely driven by a 35.4 percent surge in housing costs. This was followed by a 14.2 percent rise in transport charges.

Prices of food and non-alcoholic beverages also logged a double-digit growth of 13.5 percent.

On a monthly basis, consumer prices rose 2.9 percent in September versus a 0.3 percent fall in August.

Data showed that EU harmonized inflation also increased to 12.1 percent in September from 11.2 percent in the previous month.

Month-on-month, the harmonized index of consumer prices moved up 3.0 percent from August, when prices dropped by 0.2 percent.

Separate data from the statistical office showed that industrial production advanced 3.9 percent year-over-year in August, slower than the 6.5 percent increase in July. This was the fourth successive monthly expansion.

Electricity production grew the most by 5.3 percent annually in August, and output produced in the manufacturing sector rose 4.3 percent.

Meanwhile, mining and quarrying production registered a sharp fall of 9.7 percent.

Compared to the previous month, industrial production plunged 15.3 percent in August, in contrast to a 7.0 percent gain in July. Production declined for the first time in four months.

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