Deflation in Greece Continues for 29th Month

brokers_stocks--3-thumb-large-thumb-largeGreek consumer prices fell by 2.2% in July, compared to last year, with the annual pace of deflation remaining unchanged from the previous month, according to Reuters.

Hellenic Statistical Authority (ELSTAT) data released on Friday show that the deflation rate, which is harmonized with the European Union rate, fell by 1.3% in July, following a 1.1% drop in June, Reuters reported.

Greece’s consumer prices fell by 1.3% in 2014, compared to 2013. Overall, Greece is on a deflation track for 29 months in a row. Analysts say that prices follow the downward trend in wages and pensions as recession continues.

Deflation in Greece reached its highest point in November 2013, when consumer prices registered a 2.9% year-on-year decline.