ELSTAT - Deflation Hits Record -2.9% In November!

Half a dart, one deflation (Photo credit: Wikipedia)

Greece posted in November its highest deflation since records began in 1960, as consumer prices fell 2.9 percent on an annual basis, compared with 2.0 percent in October, Hellenic Statistical Authority (ELSTAT) said on Monday.

The statement by ELSTAT, which was released by the sate news agency claims that the deflation rate increase in November 2013 compared to the same month last year was due to: a drop in the food & beverages price index (-1.2 pct), caused by lower prices for fresh fish and fresh produce prices; a 11.5 pct decline in clothing and footwear prices; a 0.5 pct decline in housing price index due to lower rents; a 3.6 pct slump in the household goods and services price index due to discounts; a 2.7 pct fall in transportation due to lower fuel prices; a 4.2 pct decline in communication; a 3.1 pct reduction in entertainment; a 4.2 pct fall in education; a 2.9 pct decline in hotels/cafes/restaurants prices and a 4.9 pct decline in the other goods and services' index.

These were offset by a 3.5 pct rise in alcohol and tobacco prices and a 0.3 pct rise in the health price index.