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Greek consumer price inflation picks up to 1.8 percent in October

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Greek consumer price inflation picks up to 1.8 percent in October
Two women stand in front of a Marinopoulos supermarket, while the Greek retail group Marinopoulos applies for creditor protection, in Athens, Greece, June 29, 2016. REUTERS/Michalis Karagiannis   -   Copyright  Michalis Karagiannis(Reuters)
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ATHENS (Reuters) – Greece’s annual EU-harmonised inflation rate accelerated in October, statistics service ELSTAT data showed on Friday.

The reading was 1.8 percent from 1.1 percent in September. The data showed the headline consumer price index rose to 1.8 percent year-on-year, also picking up from 1.1 percent in the previous month.

Greece had been in a protracted deflation mode since March 2013 based on its headline index, as wage and pension cuts and a multi-year recession took a heavy toll on Greek household incomes.

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

(Reporting by George Georgiopoulos)

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