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Greek inflation rate rises to 14-month high on oil November 9, 2007

Posted by grhomeboy in Business & Economy.
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Greece’s inflation rate rose in October to the highest in 14 months on fuel-price increases.

The country’s annual consumer price inflation accelerated to 3.1 percent in October from 2.9 percent the previous month, the National Statistics Service said today in a statement handed out to reporters in Athens.

That’s its highest level since August 2006. Gasoline prices contributed most to the increase, rising 13 percent from the previous year, according to the statement. Rising oil prices weigh more on inflation in Greece than in the rest of the euro area because the country is more dependent on oil products to cover its transport and energy needs.

Under a harmonized European Union measure, inflation accelerated to an annual 3 percent from 2.9 percent in September, the statement said. That’s the highest since February.

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