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Greece’s consumer price inflation seen up November 7, 2007

Posted by grhomeboy in Business & Economy.
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October CPI inflation seen up at 14-month high

Greece’s consumer price inflation is seen as accelerating further to a 14-month high in October as higher oil prices bite, economists said yesterday.

Four economists surveyed by Reuters expect October inflation to pick up to 3.1 percent on average, the highest reading since August last year when it hit 3.5 percent.

“The 12 percent surge in heating oil prices in October drove headline inflation to a 14-month high of 3.2 percent, despite favorable developments in fresh fruits and vegetables,” predicted National Bank of Greece economist Nick Magginas.

Economists said Greek inflation will probably pick up further in the last two months of the year on higher energy costs, bringing the average rate in 2007 to 2.8 percent versus 3.2 percent last year.

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