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Financial News: Greece Inflation Eases For Second Month; Industrial Output

Greece Inflation Eases For Second Month; Industrial Output Rises Further

09/09/2022 - 08:50:00 (RTTNews)

(RTTNews) - Greece's consumer price inflation eased for the second straight month in August, while industrial production grew further in July, data from the Hellenic Statistical Authority showed on Friday.

Consumer prices climbed 11.4 percent year-on-year in August, just below the 11.6 percent rise in July. Prices have been rising since May last year.

The overall inflation in July was largely driven by a 31.4 percent surge in housing costs. This was followed by a 16.0 percent rise in transport charges.

Prices of food and non-alcoholic beverages also logged a double-digit growth of 13.2 percent.

On a monthly basis, consumer prices dropped 0.3 percent in August versus a 1.8 percent fall in July.

Data showed that EU harmonized inflation also slowed slightly to 11.2 percent in August from 11.3 percent in the previous month.

Month-on-month, the harmonized index of consumer prices edged down 0.2 percent from July, when they slid by 1.6 percent.

Separate data from the statistical office showed that industrial production advanced 7.0 percent year-over-year in July, slower than the 8.9 percent increase in June. This was the third successive monthly expansion.

Electricity production grew the most by 11.1 percent annually in July, and output produced in the manufacturing sector rose 6.5 percent.

Meanwhile, mining and quarrying production registered a sharp fall of 10.5 percent.

Compared to the previous month, industrial production climbed 7.0 percent in July versus an 8.9 percent rise in June.

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