According to data presented on Monday by the Greek statistics service, the inflation in Greece has significantly decreased, while it is the ninth consecutive month that a negative inflation rate is recorded due to the 2.9% drop of consumer prices, on an annual basis.
The deep recession the country experiences, in combination with wage cuts and substantial spare capacity in the economy have led to the fall of the prices, causing internal devaluation that could make the Greek economy more competitive.
According to the International Monetary Fund, the inflation rate in Greece is below the eurozone average in the medium term. In fact, in 17 countries that are members of euro zone, the inflation increased to 0.9% from o.7% in October.
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