Greece posted in November its highest deflation since monthly records began in 1960, data from the statistics service showed Monday.

The EU-harmonized deflation accelerated to -2.9 percent from -1.9 percent in October. The November reading was below a forecast of -1.7 percent.

A combination of deep recession, wage cuts and substantial spare capacity in the economy have pulled prices down, prompting internal devaluation that could render the Greek economy more competitive.

Reuters-Global Times