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Greece’s Deflation Rate Lessens

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The Greek EU-corresponding deflation rate mitigated last month.

In August, prices experienced a 0.4% decrease, in comparison to a 1.3% dip felt in July, according to an analysis by Greece's statistical agency. The headline consumer price index dropped 1.5% this August, compared to year-on-year.

In 2014, consumer prices in Greece lessened by a 1.3% average, in comparison to 2013. The country has been hit with deflation for the last two-and-a-half-years, with pressures mounting from salary and pension slashes, and a severe recession. November 2013 marked the highest deflation rate in Greece, with a 2.9% consumer prices year-on-year downfall.

(Source: Reuters)