Greek inflation slows to 11.6% in July, still near three-decade high

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FILE PHOTO: People walk in Syntagma square, in Athens

ATHENS – Greece’s annual consumer inflation slowed to 11.6% in July from 12.1% the previous month, but remained close to its highest level in nearly three decades, data showed on Monday.

Surging costs for energy, housing, transportation and foods were the main factors underpinning the figures, statistics service ELSTAT said. Month-on-month consumer inflation fell 1.8%.

Greece’s annual EU-harmonised inflation also decelerated to 11.3% in July from 11.6% in June, but again kept near highs that continued to squeeze disposable incomes.

EU-harmonised inflation is an index of components that is used across the EU to measure inflation in a consistent way.

Natural gas prices soared 178.9% on an annual basis, while electricity prices were up 55.8% and those for heating oil up 65.1%, ELSTAT said.

The cost of housing rose 30.9% year-on-year in July while transportation prices were up 20.6%, with foods and non-alcoholic beverages 13% more expensive, the data showed.

(Reporting by George Georgiopoulos; Editing by Andrew Heavens)