Deflation continued in January

Deflation in Greece is continuing in 2014, as in January the Consumer Price Index declined by 1.5 percent compared with January 2013, Hellenic Statistical Authority (ELSTAT) figures revealed on Friday.

This was the first month after the rebalancing of the index based on the latest consumer habits.

Apparel, which recorded a decline of 2.9 percent on annual basis, played a major role in the drop in the Consumer Price Index.

The cost of housing decreased 1.7 percent, education fell 3.9 percent, hotels, cafeterias and restaurants declined 3.2 percent, durable goods and household commodities shrank by 1.5 percent, while food and alcoholic beverages were 0.8 percent cheaper thanks to the drop in the prices of fresh fish, fruit and vegetables, meat, poultry and refreshments.