Greece posted in November its highest deflation since monthly records began in 1960, as consumer prices fell 2.9 percent on an annual basis, data from the statistics service showed on Monday.
The EU-harmonised deflation accelerated to -2.9 percent from -1.9 percent in October. The November reading was below a forecast of -1.7 percent.
A combination of deep recession, wage cuts and substantial spare capacity in the economy have pulled prices down, prompting internal devaluation that could render the Greek economy more competitive.
via Reuters
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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