Deflated: Prices in Greece at a 50-year low

Prices of goods in Greece, from milk and bread to medicine have fallen by 2.0 percent in October, and are now at their lowest since 1962. Only the price of alcohol and tobacco increased in the last year.

Consumer prices in Greece plummeted 2.0 percent year-on-year in October 2013, according to a report by Greece’s Hellenic Statistical Authority on Friday.

In its sixth year of deep recession, unemployment and wage cuts have eroded demand and pushed prices to fifty year lows. Greeks are nearly 40 percent poorer than 5 years ago, with disposable incomes down by a third since the country fell into recession. (more)

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