Greek consumer prices fall again as deflation cycle continues

Prices for Greek consumers fell some 1.7 percent for October beating September’s 0.8 percent drop.

Greece has been in deflation mode for close to two years as cuts in wages and pensions and a deep recession forced Greeks to keep their cash close.

Deflation in Greece hit its highest level in November 2013, with consumer prices registering a 2.9 percent year-on-year decline.

Meanwhile prices for consumers across the 18 countries sharing the euro moved up slightly in October to 0.4 percent, well below the ECB’s target of just under 2 percent.