Greece's inflation rose slightly to 3.4% in July compared with 2.8% in June, according to Eurostat data. Eurozone inflation stood at 5.3% in July 2023, down from 5.5% in June.
Looking at the main components of euro area inflation, food, alcohol & tobacco are expected to have the highest annual rate in July (10.8%, compared with 11.6% in June), followed by services (5.6%, compared with 5.4% in June), non-energy industrial goods (5.0%, compared with 5.5% in June) and energy (-6.1%, compared with -5.6% in June).
Meanwhile, deposits placed by the private sector increased by 3.014 billion euros in June 2023, compared with an increase of 790 million in the previous month, the Bank of Greece said on Wednesday.
In a monthly report, the central bank said that the annual growth rate of total deposits stood at 3.4% in June 2023, compared with 3.3% in the previous month.
More specifically, in June 2023, the monthly net flow of total deposits was positive by 2.579 billion euros, compared with a positive net flow of 787 million in May 2023.
Deposits placed by the general government decreased by 435 million, compared with a decrease of 3 million in the previous month; the annual growth rate increased to 2.6% from 2.3% in the last month.
In June 2023, corporate deposits increased by 2,073 billion euros, compared with an increase of 1.117 billion in the previous month; the annual growth rate remained unchanged at 2.3% compared to the last month.
Deposits placed by households and private non-profit institutions increased by 941 million, compared with a decrease of 327 million in the previous month; the annual growth rate remained almost unchanged at 3.8% compared to the last month.
The monthly net flow of total credit was positive by 587 million in June 2023, compared with a positive net flow of 405 million in the previous month.
The annual credit growth rate to the private sector decreased to 2.8% from 3.1% in the previous month. The monthly net flow of credit was positive by 1,799 million, compared with a negative net flow of 275 million in the last month.
In June 2023, the monthly net flow of credit to corporations was positive by 1,633 million, compared with a negative net flow of 170 million in the previous month; the annual growth rate decreased to 6.3% from 7.0% in the last month.
