Home Greece Greek inflation rate slowed to 3.1% in January

Greek inflation rate slowed to 3.1% in January


The Greek annual inflation rate slowed to 3.1% in January from 3.5% in December 2023 and 7% in January 2023, Hellenic Statistical Authority said on Thursday.

The statistics service attributed this development to a decline in energy prices and more particularly a 60.2% drop in natural gas prices. On the other hand, however, price increases continued on food items (8.3%), led by price rises in olive oil (67.4%), fruit (14.2%) and vegetables (14.4%).

Prices rose 2% in bread-cereal, 6% in meat, 7.7% in fish, 0.9% in dairy-eggs, 67.4% in olive oil, 14.2% in fruit, 14.4% in vegetables, 6% in chocolate-sweets, 5% in coffee-cocoa, 11.7% in mineral water-juices and 6% in alcohol. Clothing-footwear rose 3.5%, housing rent was up 3.6%, heating oil rose 1.3%, pharmaceuticals 12.7%, 5.3% in medical services, 0.9% in hospital, 4.6% in used cars, 11.5% in air travel, 3.1% in durable goods, 7.9% in cinemas-theaters, 9.3% in holiday packages, 4.0% in education, 6.8% in restaurants and 14% in health insurance contracts.

On the other hand, prices fell in natural gas (60.2%), fuel-lubricants (3.8%), electricity (0.4%), telephone services (2.5%), audio-visual equipment (1.7%) and other personal care products (1.2%).

The statistics service attributed the 3.1% increase in the consumer price index in January to an 8.35 increase in food/beverages, a 2.65% increase in alcohol/tobacco, a 3.5% increase in clothing/footwear, a 1.9% rise in durable goods, a 5.7% rise in health, a 0.2% increase in transport, a 2.6% increase in entertainment, a 3.5% increase in education, a 6.4% rise in hospitality, an 1.7% rise in durable goods. The housing index fell 2.7% and communications fell 2.2% in January.

The consumer price index eased 0.8% in January from December 2023, while the harmonized inflation rate was 3.2% in January compared with the same month in 2023, while it fell 0.9% in January on a monthly basis.