Inflation in Greece stood at 3.1% in January, according to final data released by Europe’s Statistical Authority, Eurostat, confirming earlier estimates. However, on a monthly basis, consumer prices declined by 0.7%.
At the same time figures indicate that the Greek inflation rate remains above both the Eurozone average of 2.5% and the European Union (EU) average of 2.8%.
According to Eurostat, inflation in the Eurozone increased slightly to 2.5% in January 2025, up from 2.4% in December 2024. A year earlier, the rate had been 2.8%.
Meanwhile, the annual inflation rate in the EU reached 2.8% in January, compared to 2.7% in December. In January 2024, the figure stood at 3.1%.
Among Eurozone countries, Ireland, Italy, and Finland recorded the lowest inflation rates in January, at 1.7% each. In contrast, Croatia (5%), Belgium (4.4%), and Slovakia (3.8%) saw the highest inflation levels.
Services contributed the most to the final inflation figure in the Eurozone, accounting for 1.77 percentage points. This was followed by food, alcohol, and tobacco (0.45 percentage points).
Energy inflation, initially expected to surge, ultimately stood at 0.18%, while non-energy industrial goods contributed 0.12 percentage points.
Core inflation, excluding volatile items such as energy, food, alcohol, and tobacco, and closely monitored by the European Central Bank (ECB), remained steady at 2.7% for the fifth consecutive month, according to Eurostat data.
According to an analysis by the Bank of Greece (Inflation Monitor), persistently high increases in service prices are keeping core inflation in Greece significantly higher than in the Eurozone.
The analysis reveals that core inflation, which excludes energy and food prices, has been running at an annual rate of 4.4% in recent months, compared to 2.7% in the Eurozone.
