Imported inflation surged by 4.4% in June 2024, according to data from the Hellenic Statistical Authority (ELSTAT) measuring the causes of inflation in Greece.
This increase in the General Index of Import Prices in Industry, set against a base year of 2015=100.0, contrasts sharply with a 19.4% decrease seen when comparing indices from 2023 to 2022.
Month-over-month, the General Index rose by 2.1% in June 2024 compared to May 2024, a notable jump from the 0.5% increase recorded in the same period of the previous year.
Over a twelve-month period, from July 2023 to June 2024, the average General Index decreased by 6.2% compared to the previous twelve months, following a 2.8% increase in the earlier comparison.
ELSTAT attributes the 4.4% annual rise in June 2024 to a. A 6.7% increase in the Import Price Index from countries outside the Eurozone. b. A 0.2% increase in the Import Price Index from Eurozone countries.
For the month of June 2024, the 2.1% rise compared to May 2024 is due to: a. A 3.0% increase in the Import Price Index from countries outside the Eurozone. b. A 0.4% increase in the Import Price Index from Eurozone countries.
Meanwhile, according to temporary data released by the EU statistical authority Eurostat, inflation in Greece recorded another increase this month, settling at 3%.
This negative development prompted the country’s minister of development to meet with representatives of supermarkets to hammer out a plan to contain continuously rising food prices.
Households are now prioritizing the cost of items when taking purchasing decisions, with an estimated nine out of 10 opting for the cheapest products, and a substantial portion turning to private-label goods.
