Service sector feeds inflation

Inflation is proving extremely persistent, as despite hopes for a de-escalation in October, it strengthened further and reached 3.2%, according to Eurostat estimates, compared to 3.1% in September.

The hikes in service costs played a decisive role in maintaining inflation at high levels, and in any case higher than expected. Food prices are not down, but are now rising at a much lower rate, while energy prices have decelerated.

The figures unfortunately show that core inflation, which excludes price changes in energy, food, alcoholic beverages and tobacco, is extremely high in Greece, at 4.3% in October, the second highest in the eurozone.

According to Eurostat estimates released on Thursday, the European Union-harmonized consumer price index reached 3.2% last month in Greece, being the sixth highest in the eurozone after Belgium (4.7%), Estonia (4.5%), Croatia...