Greece inflation slows to 11.6% in July

ATHENS Reuters - Greece's consumer inflation slowed to 11.6% in July from 12.1% the previous month, but was close to its highest level in nearly three decades, data showed on Monday.

The figures show that a surge in costs for food, housing, transportation and energy was the main factors underpinning the figures, according to statistics service ELSTAT. Consumer inflation fell by 1.8% month-on-month.

Inflation in Greece fell to 11.3% in July from 11.6% in June, but kept near highs that continued to squeeze disposable incomes.

Inflation in the EU is a group of components that are used to measure inflation in a consistent way.

Natural gas prices soared 178.9% on an annual basis, while electricity prices went up 55.8% and heating oil up 65.1%, according to ELSTAT.

The cost of housing went up 30.9% year-on-year in July, while transportation prices went up 20.6%, with food and non-alcoholic beverages 13% more expensive, according to the data.