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08 February, 1997
Inflation dropped to 6.8 per cent in January to reach the lowest point in 25 years, according to figures released on Feb. 7, by the National Statistics Service (ESYE). In January 1996 inflation stood at 8.4 per cent. The drop was the result of a 0.5 per cent reduction in the consumer price index (CPI) in January, compared to an 0.1 per cent drop in January 1996.
National Economy and Finance Minister Yiannos Papantoniou described the drop in inflation as a significant development for the economy "since it affords protection for low incomes while at the same time interest rates are falling".
The CPI decrease was due to reductions in the prices of clothing and footwear, durable consumer goods and household items. In contrast, increases were recorded in the categories of housing, transport and communications.
Source: Athens News Agency