Missed this in the A.M. Marketwatch reports:
Producer prices in the 16-nation euro zone saw a monthly fall of 1% in April, taking prices 4.6% below the level seen in the same month last year, the statistics agency Eurostat reported Wednesday. Economists had forecast a 0.9% monthly fall and a 4.5% decline from a year ago. News reports said the annual fall was the largest on record. Eurostat also reported a 2.5% quarterly contraction in first-quarter euro-zone gross domestic product, unchanged from a preliminary estimate released last month.
Source: Eurostat
the data is in no way surprising. With all the wealth that has disappeared, I fail to see how any country would be able to get through this economic period without major deflation
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