ECONOMY

Deflation persists for a 30th month

deflation-persists-for-a-30th-month

Deflation persisted in Greece for a 30th consecutive month in August, amounting to 1.5 percent compared to the same month last year, the Hellenic Statistical Authority (ELSTAT) announced on Wednesday. The drop in prices compared to the month of July came to 0.4 percent.

The average reading of the consumer price index in the period from September 2014 to August 2015 in comparison with the previous 12 months was 2 percent lower, against a 1.4 percent decline recorded on a yearly basis from September 2013 to August 2014.

Nevertheless, ELSTAT recorded some significant price hikes in a number of products and services: Fresh potatoes climbed 19.5 percent, fresh fruit rose by 19.3 percent, fresh vegetables by 8.8 percent, other food by 5.7 percent, bread and cereal by 3.2 percent, sugar by 5 percent, cigarettes by 3.1 percent, air tickets by 7.7 percent, ferry tickets by 6.9 percent, restaurants by 1.7 percent, hotels by 2.3 percent, hospitals by 6.1 percent and meat by 1.9 percent, among others.

The apparel sector recorded a 6.8 percent decline in prices, car insurance dropped 11.8 percent, theater tickets were 27.3 percent cheaper and heating oil rates fell 24 percent in August, ELSTAT announced.