Inflation in Greece dropped to 2.4% in October 2024 from 2.9% in September, according to the latest data released by Greece’s National Statistical Service (ELSTAT). This annual increase was lower compared to the same period in 2023, which saw a 3.4% rise.
The inflation rate for October 2024 was mainly driven by price increases in several key categories of goods and services:
Food and Non-Alcoholic Beverages: Prices in this category rose by 1.5%, with significant increases in bread, meats, fish, olive oil, dried fruits, vegetables, sugar, chocolates, and soft drinks. However, the overall rise was partially offset by price reductions in flour, pasta, dairy products, and fresh fruits.
Alcoholic Beverages and Tobacco: Prices in this group climbed by 1.2%, primarily due to higher costs for alcoholic beverages.
Clothing and Footwear: A 5.0% price hike was recorded here, driven by rising prices for clothing and footwear.
Housing: The housing index increased by 3.0%, with rent, housing repairs, electricity, and natural gas seeing notable price hikes. This was partly offset by a decrease in heating oil and solid fuels.
Health: Health-related costs saw a 3.6% increase, largely due to higher prices for pharmaceuticals, medical services, and hospital care.
The following sectors recorded a decrease:
Durable Goods, Household Items, and Services: A slight decrease of 0.4% was recorded, mainly due to falling prices for household consumables, though this was partially offset by price increases in furniture, household appliances, and services.
Stable Inflation Compared to September:
The general Consumer Price Index (CPI) remained unchanged from September 2024 to October 2024, in contrast to a 0.6% increase observed during the same period last year.
Annual Change:
On a year-to-year basis, the average inflation in Greece from November 2023 to October 2024 increased by 2.9%, compared to a 4.2% rise during the same period the previous year.
Despite the overall easing in inflation, significant price hikes in several everyday goods and services continue to put pressure on consumers. Rising utility costs (electricity and natural gas) along with higher food prices are among the most notable contributors to ongoing inflationary pressures in Greece. Meanwhile, large increases in tourism-related services, such as airfares and hotel rates, also highlight the persistent upward trend in travel and leisure costs.
