Deflation registers a new record, at 2% in September

Greece’s consumer price index registered a record low last month, dropping 2% on an annual basis, according to figures released by the Hellenic Statistical Authority (ELSTAT) on Friday.

This is obviously related to the economic contraction, with September being the sixth month in a row that recorded deflation, which started in April.

The slump in the price index is mainly attributed to the 6% annual decrease in the housing costs category and the even greater drop of 7.9% in the transport category, due to the price reduction in tickets, fuel and lubricants. In percentage terms, the biggest contraction was in the cost of natural gas (32.1%).