Greece’s Inflation Rate Decreases to 2.3% in June
In June, Greece’s inflation rate dropped to 2.3%, down from 2.4% in May. According to data from the Hellenic Statistical Authority (ELSTAT), food prices saw a 2.1% increase, while prices in housing, durable goods, and communications categories decreased.
Monthly Consumer Price Index Shows 0.5% Increase
The consumer price index for June 2024 showed a 0.5% increase compared to the same period last year when there was a 0.6% increase. On an annual basis, the average consumer price index for the 12 months of July 2023 – June 2024 increased by 2.8% compared to the previous year, which saw a 7% increase from July 2022-June 2023.
The rise in the consumer price index in June 2024 was mainly driven by increases in the Food and non-alcoholic beverages category, contributing to a 1.1% increase in this group of goods and services.
Consumer Price Index Overview
In the latest report on the Consumer Price Index, it was revealed that there was an overall increase of 0.9% in the prices of various goods and services in the market. This increase was mainly driven by the rise in prices of items such as pizzas, pies, cheese, fresh fruit, frozen vegetables, and chocolate products.
On the other hand, there was a decrease in prices in certain categories, such as breakfast cereals, cold cuts, yogurt, fresh vegetables, and potatoes. This helped offset some of the overall increase in prices.
Price Changes in Different Categories
There was a 0.4% increase in the Alcoholic beverages and tobacco group, primarily due to higher prices of alcoholic beverages. This category does not include prices for beverages served in bars or restaurants.
The Clothing and footwear group saw a 1.6% increase in prices, attributed to rising costs in clothing and footwear items.
In the Housing group, prices went up by 0.1%, mainly driven by increases in house rents and natural gas prices. However, this increase was partially offset by a reduction in electricity prices.
Transportation prices increased by 0.5%, primarily due to higher air passenger ticket prices. However, prices for used cars, fuel, and lubricants saw a decrease, which helped balance out the overall increase in this category.
Lastly, the Hotels-Cafes-Restaurants group experienced a 0.7% increase in prices, mainly driven by higher prices in restaurants, patisseries, cafes, canteens, hotels, motels, and inns.
