Deflation rate grows to 2.8 percent in January

Deflationary pressure increased last month, with the consumer price index posting a decline of 2.8 percent in January 2015 compared with the same month in 2014, according to figures released on Tuesday by the Hellenic Statistical Authority (ELSTAT).

This was the 23rd consecutive month of deflation in the Greek economy, which given the other economic developments, constitutes an additional barrier to recovery.

The only group of commodities to post annual growth was alcoholic drinks and tobacco, up 2.7 percent, while housing fell 8 percent and transport declined 6.9 percent.