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Financial News: Greece Inflation At 7-Month Low; Industrial Output Contrac

Greece Inflation At 7-Month Low; Industrial Output Contracts

11/10/2022 - 09:26:00 (RTTNews)

(RTTNews) - Greece's consumer price inflation eased in October to reach its lowest level in seven months, while industrial production declined for the first time in five months in September, separate reports from the Hellenic Statistical Authority showed on Thursday.

Consumer prices climbed 9.1 percent year-on-year in October, slower than the 12.0 percent rise in September. Prices have been rising since May last year.

Further, this was the lowest inflation rate since March, when prices had risen 8.9 percent.

Prices of food and non-alcoholic beverages logged a double-digit annual growth of 14.8 percent. This was closely followed by a 13.8 percent rise in transport costs.

On a monthly basis, consumer prices dropped 1.2 percent in October versus a 2.9 percent rebound in September.

Data showed that EU harmonized inflation also moderated to 9.5 percent in October from 12.1 percent in the previous month.

Month-on-month, the harmonized index of consumer prices slid 1.2 percent from September, when they rose by 3.0 percent.

Separate data from the statistical office showed that industrial production contracted 1.1 percent year-over-year in September, reversing a 4.4 percent increase in August.

Electricity production declined the most by 11.5 percent annually in September, and output produced in the water supply segment was 5.0 percent lower.

Meanwhile, manufacturing production registered an increase of 1.9 percent.

Compared to the previous month, industrial production rebounded 4.6 percent in September, in contrast to a 15.0 percent slump in August, which was the first fall in four months.

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