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 price indexes are used to monitor
what is happening to the cost and standard of living for the average person. Since
2012, the price of education dropped 4.24 percent, the cost of communication
fell 4.2 percent, prices for transport decreased 3.5 percent, recreation and
culture prices were down 3.0 percent, and household prices deflated 2.3
percent. Clothing and footwear prices fell 1.1 percent, as did healthcare.
The only thing that became more expensive in Greece over the year was alcohol and tobacco products, products which prices inflated 3.5 percent year-on-year in October. Greece’s inflation is well below the euro zone average, according to the International Monetary Fund.
Thursday figures showed October inflation
among the 28-member EU down 0.7 year-on-year from the October reading of 1.1
percent, which was the lowest since November 2009. Such a shock slump drove the
EU even further from the targeted 2 percent inflation and pushed the European
Central Bank to cut interests rate to a new record low of 0.25 percent.
Greece has received $324 billion (240
billion euros) in financial aid, and Athens is set to receive its next loan
installment of $1.35 billion (1 billion euro), which is conditional, it
continues the IMF and European Union’s path of deep spending cuts and tax
hikes.
Austerity and IMF debt have squeezed the
indebted Greek economy into the ground. The economy is so far in debt to its
lenders, it has to dismember and sell off state assets in order to reduce costs
and raise money.
(Πηγή: rt.com)
