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August Marks Greek Deflation & Prices Decline

Greek consumer prices decreased by 0.3% last month, while the yearly deflation progress decelerated from a 0.7% fall in July, as confirmed by ELSTAT.

August's figure has been been the slowest deflation figure since March of last year. Greece's EU-corresponding deflation rate also declined to -0.2% last month, compared to July's -0.8% rate. In a Reuter's poll, economists forecasted a -0.6% rate.

The nation has been in a deflation mechanism for the past 18 months, due to wage decreases and pensions, along with its serious recession. Greece's deflation figure marked its swiftest mark last November; consumer prices held a 2.9% year-on-year decrease.

(Source: Reuters)