Tuesday July 7, 10:42 AM
INSTANT VIEW 1-Greek June inflation steady at 41-yr low
ATHENS, July 7 (Reuters) - Greece's headline consumer price
inflation was steady at a 41-year low of 0.5 percent
year-on-year in June, helped by favourable base effects and
lower energy prices compared to the same month last year.
Data from the country's statistics service (NSS) on Tuesday
showed the lowest reading for inflation since June 1968 and was
in line with economist forecasts. Consumer inflation in June a
year ago was 4.9 percent year-on-year.
Inflation in the 16-nation euro zone dipped into negative
territory for the first time last month as consumer prices fell
0.1 percent year-on-year, according to Eurostat flash estimates.
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KEY FIGURES JUNE MAY APRIL MARCH 2009
CPI (NYSE: CPY - news) y/y +0.5 +0.5 +1.0 +1.3
EU-harmonised +0.7 +0.7 +1.1 +1.5
------------------------------------------------
source: NSS
STATISTICS SERVICE CHIEF MANOLIS KONTOPYRAKIS
'In the first half (of the year) the CPI index averaged out
at 1.12 percent versus 4.48 percent in the same period in 2008.
As things stand CPI inflation in July is seen slightly higher at
0.6 percent, due to a rise in fuel taxes.'
'Core inflation was 1.4 percent in June from 1.5 percent in
May and 4.0 percent in June 2008.'
ECONOMIST COMMENT
DIMITRIS MAROULIS, ALPHA BANK (Xetra: 876116 - news)
'The June reading was expected, inflation is on a quasi
predetermined course to increase towards the end of the year due
to reverse base effects from oil prices and we expect the annual
average to be 1.2 percent.'
JUNE CPI BREAKDOWN Y/Y change M/M change
Food, non-alcoholic beverages +3.0 -1.7
Alcoholic drinks, tobacco +6.4 -0.1
Clothing, footwear +2.9 0.0
Housing -3.9 +0.1
Durable household goods +1.7 +0.1
Medical Care +2.8 +0.1
Transport -6.9 +1.8
Communications -0.7 0.0
Entertainment +1.0 -0.1
Education +4.7 0.0
Hotels +2.2 -0.1
Miscellaneous goods, services +2.4 +0.1
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source: NSS
BACKGROUND
For more information on Greek macroeconomic data, users of
Reuters 300Xtra can access the Greek National Statistics Service
homepage at: http://www.statistics.gr/Main_eng.asp.
(Additional reporting by Harry Papachristou)
(Reporting by George Georgiopoulos and Lefteris Papadimas;
editing by Patrick Graham)
Keywords: GREECE INFLATION/
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