Greek deflation eases

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Greek deflation eases

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Greek consumer prices fell 2.2 percent year-on-year in February, with the annual pace of deflation slowing from a 2.8 percent decline in January.

New data from the country’s statistics service shows Greece’s EU-harmonised deflation rate also decelerated and prices fell by 1.9 percent last month.

Greece has been in deflation mode for the last 24 months as cuts in wages and pensions and a deep recession exerted downward pressures.

Deflation in Greece hit its highest level in November 2013, with consumer prices registering a 2.9 percent year-on-year decline.