While Greece is suffering a crushing economic crisis, at least inflation hasn’t done as much damage as it could. Figures from the European statistics agency Eurostat for September showed the country had the lowest inflation rate, just 0.3 percent, in the 17-member Eurozone of those using the euro.
The average in the bloc was 2.6 percent and it was 2.7 percent in the greater European Union, which includes 10 other countries which do not use the euro. Despite the general decline in the prices of products and services, as daily Kathimerini reports, they are still at relatively high levels in comparison with disposable incomes, which have shrunk dramatically.
Finance Minister Yannis Stournaras insists that there is no need for further intervention in the labor market, but rather in the product and service sectors. Analysts say that prices remain relatively high because various enterprises are refusing to cut charges and there are barriers to the free transport of goods.