July 10, 2020 / 9:29 AM / a month ago

Greek EU-harmonized inflation stays negative in June

FILE PHOTO: People make their way outside the Bank of Greece headquarters in Athens, Greece, August 26, 2019. REUTERS/Alkis Konstantinidis

ATHENS (Reuters) - Greece’s annual EU-harmonised inflation stayed negative for a third month in a row June at -1.9% year-on-year from -0.7% in May, statistics service ELSTAT data showed on Friday.

The data also showed headline consumer price inflation at -1.6% from -1.1% in the previous month.

Prices were led lower by transport and housing, the data showed, as the COVID-19 disease has hurt the sectors.

Greece went through a deflation phase during its multi-year debt crisis as wage and pension cuts and a multi-year recession took a heavy toll on household incomes.

Deflation hit its highest level in Nov. 2013 when consumer prices registered a 2.9% year-on-year decline. The economy emerged from deflation in June 2016.

Annual inflation in the 19 countries sharing the euro accelerated to 0.3% in June from a four-year low of 0.1% in May, beating forecasts for no change.

Reporting by Angeliki Koutantou

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