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.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.