Greece: Deflation trend continues in November

Greece: Deflation trend continues in November

Athens, December 10, 2014 / Independent Balkan News Agency

By Spiros Sideris

November was the 21st consecutive month of deflation in Greece. According to figures from the Hellenic Statistics Authority (EL.STAT.), the Consumer Price Index recorded in the previous month a drop of 1.2% yoy, compared to a decrease of 1.7% in October and a 2.9% drop recorded in November last year. The mean deflation levels for the 10-month period in 2014 was 1.31%.

At a monthly basis, inflation in November fell by 0.9%. To the products whose price rose during the month in question are included the fresh vegetables (4.1%), fresh potatoes (3.5%), tobacco (1.3%), olive oil (1.3%), feta cheese (1.2%) and products of direct household consumption (0.9%).

In contrast, prices fell in fresh fruits (5.1%), gasoline (3.1%), meat (1.2%) and fuel oil (0.8%), while a positive impact on inflation (at 0, 61 unit) had the 10 days of discounts.

On an annual basis, the main price increases were recorded in fresh vegetables (15.1%), urban transport tickets (10.6%), PPC invoices (4.9%), tobacco (3.1%), olive oil (2.9 %), non-alcoholic drinks (2,3%), feta cheese (1.4%), car prices (0.8%) and clothing – footwear (0.1%).

Price reductions were recorded, inter alia, in fresh potatoes (23.2%), sugar (13.8%), fresh fruit (5.8%), natural gas (5.8%), gasoline (4%), fish (1.9%), meat (1.9%), fresh pasteurized milk (1.8%) and drugs (0,6%).