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2% Deflation in Greece

euro-deflation
A 2% decrease in inflation was found this October, compared to a 1.1% decrease in September and 1.6% increase on October last year. Data collected from the Hellenic Statistical Authority (ELSTAT) reported that deflation was recorded for the eighth consecutive month, and in October, Greece registered the highest rate of decrease in the general price level.
The 2% decrease is due to the following reductions:
a) 0.5% in the group “Food and Non-Alcoholic Beverages,” mainly because of a reduction in meat prices, fresh fish, fresh vegetables, cereals and its products, soft drinks, fruit juices, sugar, chocolate, desserts and ice cream. Part of this reduction was balanced by the increase in prices of dairy products and eggs, fresh fruit and fresh potatoes.
b) 1.1% in the group “Clothing and footwear” due to the reduction in prices of clothing and footwear.
c) 0.7% in the group “Housing,” mainly because of the reduction in prices of rental houses, repair services, house maintenance and heating oil. Part of this reduction was balanced by an increase in electricity prices.
d) 2.3% in the group “Durables – Household Equipment and Services,” mainly in prices of: furniture, floor coverings, bedding, linens, household appliances, direct household consumption and household services.
e) 1.1% in the group “Health” due to the reduction in prices of medical, dental and paramedic services, hospitals and clinics. Part of this decrease was balanced by an increase in the prices of medicine.
f) 3.5% in the group “Transportation” due to the reduction in prices of cars and gasoline.
g) 4.2% in the group “Communications” mainly because of the reduction in telephone service prices.
h) 3.0% in the group “Recreation and Cultural Activities” due to the reduction in prices of audiovisual equipment, computers, recreation services, books and holiday package.
i) 4.4% in the group “Education” mainly due to the reduction in prices of tuition in private schools, foreign languages, after-school education, Vocational Training Institutes and postgraduate studies.
j) 3.0% in the group “Hotels-Restaurants-Coffee” due to the reduction in prices of restaurants, pastry shops, coffee shops and canteens.

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