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Tue, Oct

Greece’s Inflation Accelerates to 3.7%

Greece’s Inflation Accelerates to 3.7%

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Inflation in Greece accelerated to 3.7% in August, up sharply from 2.7% in July, according to the official statistical office of the EU, Eurostat.

Across the eurozone, annual inflation rose to 3.3% in August from 2.9% in July, adding to pressure on the European Central Bank (ECB) ahead of its September meeting and strengthening the case for an interest-rate increase.

Greece inflation accelerates

Energy was by far the largest contributor to eurozone inflation, with prices rising 14.3% year-on-year in August, compared with 10.3% in July. Services inflation eased to 3.0% from 3.3%, while inflation for non-energy industrial goods increased to 1.2% from 0.9%. Food, alcohol and tobacco prices rose 1.2%, unchanged from July.

Inflation also accelerated in Germany, providing another argument for the ECB to consider raising interest rates. The German consumer price index rose 2.9% year-on-year in August, following a 2.8% increase in July. This marked the strongest reading since April, although it remained below the 3.1% median forecast in a Bloomberg survey.

Energy once again emerged as the main

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