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09 May, 1997
The annualized rate of inflation fell to 5.9 per cent in April, the lowest rate since November 1965, when it stood at 5.6 per cent, the National Statistics Service (ESYE) announced yesterday.
ESYE added that the consumer price index rose by 0.9 per cent in April, compared to 1.0 per cent during the same month last year.
This small difference caused inflation to fall to 5.87 per cent, rounded up to 5.9 per cent.
ESYE's secretary general, N. Karavitis, predicted inflation will fall further this month, to around 5.6 per cent in May.
ESYE is currently considering what impact projected increases in public utility rates will have on the inflation rate, one of three Maastricht-mandated conditions for European Monetary Union.
In order for inflation not to be adversely affected, rates should not be increased by more than 4.5 per cent, which is the figure set as a goal for the annual rate of inflation this year.
According to ESYE, the most significant price increases were those of milk, at 3.0 per cent, fresh fruit (3.8 per cent), potatoes (11.3 per cent), vegetables (6.7 per cent), the mandatory contribution to the state-run radio and television network (ERT) billed through electric bills (33.3 per cent), hotel rates (8.4 per cent) and holiday packages at 7.6 per cent.
Source: Athens News Agency