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Greek January EU-harmonised deflation slows to -1.4 pct y/y
February 17, 2014 / 10:06 AM / in 4 years

Greek January EU-harmonised deflation slows to -1.4 pct y/y

ATHENS, Feb 17 (Reuters) - Greek consumer prices based on the EU-harmonised index fell in January, with the annual pace of deflation decelerating from the previous month, data by the country’s statistics service showed on Monday.

The EU-harmonised deflation rate slowed to -1.4 percent from -1.8 percent in December. Economists polled by Reuters were expecting the rate to ease to -1.6 percent.

Deflation hit its highest pace since monthly records began in 1960 in November, registering -2.9 percent year-on-year.

A deep recession coupled with wage cuts and substantial spare capacity in the economy continue to exert downward price pressures, part of an internal devaluation process that could boost the Greek economy’s competitiveness.

Euro zone inflation slowed to 0.7 percent in January, well below the European Central Bank’s target of just under 2 percent, increasing its challenge of avoiding deflation. *********************************************************

KEY FIGURES JAN DEC NOV OCT SEPT

EU-harmonised -1.4 -1.8 -2.9 -1.9 -1.0

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source: ELSTAT

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