Eurostat: Deflation in Greece at 1.4%

It took a while, but it's finally here. After 4 consecutive years with practically steady inflation in spite of steady wages drops, deflation has finally gotten with the program. According to the latest Eurostat figures, Greece's deflation for the month of January 2014 is at 1.4%.

That is the lowest percentage in the Eurozone, after Cyprus' 1.6%. Unlike Greece, Cyprus' prices have followed the country's devaluation right away. Here, it needed all these years of rising prices and dropping wages to come to terms with reality.

In the rest of the Euro zone, inflation remained at 0.8% in January, the same as it was the month before. That is significantly lower than the 2% from a year before. In the whole of the EU, inflation dropped at 0.9%, one tenth of a percentage from last December and more than half what it was a year ago (2.1%).

In the list of EU members with the lowest inflation after Cyprus and Greece, Bulgaria had a deflation of 1.3%, while the UK and Finland had the highest figures with inflation at 1.9%. In relation to December, inflation in January was lower in 17 member states, it stayed the same in 7 and it went up in 4.