Greece sees 11th straight month of deflation as price drops slow
GREEK inflation remained negative in January for the 11th month running, but over the past 12 months prices fell more slowly than analysts had expected.
The EU-harmonised consumer price index came in at minus 1.4 per cent from minus 1.8 per cent a year earlier, and following expectations of a 1.6 per cent fall. Deflation in the Mediterranean state hit its highest pace since monthly records began in 1960 in November, registering minus 2.9 per cent year-on-year.
On Saturday, the Greek government reported that its primary budget surplus was much higher than expected in 2013.
Under the terms of its €240bn bailout, the country wasn’t meant to reach a surplus until 2014.