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Negative inflation in Greece from deep recession

Inflation in Greece was negative last month for the first time in 45 years. That is because prices are being pushed down by the country’s deep recession. Consumer prices fell by 0.2 percent from March last year. Greece is in its sixth year of recession, hit by austerity policies imposed under a bailout from the European Union and International Monetary Fund which is keeping it from going bankrupt. The government is forecasting the economy will contract by 4.5 percent this year. Data on Tuesday also showed industrial output fell 3.9 percent year-on-year in February after dropping 4.2 percent in the previous month, underscoring the grim state of the Greek economy.

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