Consumer prices drop in September, y-o-y

Consumer prices fell sharply by 1.1 percent in September, on a 12-month comparison, official data showed on Wednesday.

In March, Greece’s consumer price index had recorded the first drop for 45 years, since May 1968.

The downward pressure on consumer prices is largely the result of austerity measures the heavily indebted country has been forced to implement since 2010, in return for international rescue loans to avoid bankruptcy.

Hellenic Statistical Authority (ELSTAT), which published the data, noted that in September 2012, prices had increased by 0.9 percent compared to the level for September in 2011. [AFP]