ATHENS: Greece consumer prices fell by 2.2 percent year-on-year in July, with the annual pace of deflation unchanged from the previous month, data from the country’s statistics service showed on Friday. Greece’s EU-harmonized deflation rate picked up, showing prices fell by 1.3 percent in July from a fall of 1.1 percent in June. Analysts polled by Reuters were projecting a decline of 1.2 percent.
Greek consumer prices fell by an average of 1.3 percent in 2014 compared to a year earlier. For years an inflation outlier in the eurozone, Greece has been in deflation mode for the last 29 months as cuts in wages and pensions and a deep recession exerted downward pressures. Deflation in Greece hit its highest level in November 2013, when consumer prices registered a 2.9 percent year-on-year decline.
