Inflation in Greece climbed to 2.7% in July, up from 2.3% in June, as reported by the Hellenic Statistical Authority (ELSTAT). A detailed comparison of the Consumer Price Index (CPI) for July 2024 with the same period in 2023 reveals a 2.7% rise, slightly higher than the 2.5% increase recorded when comparing July 2023 to July 2022.
The general Inflation in Greece (CPI) for July 2024 showed a decrease of 0.7% compared to June 2024, following a 1.1% decrease in the same comparison the previous year. The average CPI for the twelve months from August 2023 to July 2024 increased by 2.8% compared to the corresponding period from August 2022 to July 2023.
Inflation and Price Increases
Food items continue to experience the largest annual changes, with olive oil surging by 56.7%, cereals up by 7.4%, fresh fish increasing by 8.4%, and mineral water/soft drinks rising by 8.6%.
On the other hand, annual decreases were recorded in flour (-8.9%) and fresh fruit (-9.2%).
Significant increases were also noted in natural gas prices, which rose by 23.4%, as well as in passenger air transport (+18.4%) and hotel/motel/inn rates (+12.6%), reflecting the peak of the tourist season.
Health insurance premiums have increased by 14%, while vehicle insurance premiums have risen by 5.6%.
Comparison of July 2024 with July 2023
The 2.7% increase in inflation in Greece in July 2024 compared to July 2023 was mainly driven by changes in the following categories of goods and services:
1. Increases in Indexes:
2.4% in the Food and Non-Alcoholic Beverages group, due to price increases in bread, breakfast cereals, meat, fresh fish, olive oil, fresh vegetables, preserved or processed vegetables, sugar, chocolates, sweets, ice cream, mineral water, soft drinks, and fruit juices. Some of this increase was offset by price decreases in flour and other cereals, dairy products and eggs, other edible oils, fresh fruits, potatoes, and other food items.
0.8% in the Alcoholic Beverages and Tobacco group, mainly due to higher prices for alcoholic beverages (not served in bars/restaurants).
4.3% in the Clothing and Footwear group, due to increased prices for clothing and footwear.
2.4% in the Housing group, primarily due to higher prices for housing rents, home repairs and maintenance, natural gas, and heating oil. This increase was partially offset by lower prices for municipal fees and electricity.
1.9% in the Health group, due to price increases in pharmaceutical products, medical-dental and paramedical services, and hospital care.
3.5% in the Transportation group, driven by higher prices for new cars, car parts and accessories, fuel and lubricants, maintenance and repair of personal transport equipment, other personal transport services, and passenger air transport tickets. This increase was partially offset by lower prices for used cars.
1.7% in the Recreation and Culture group, mainly due to price increases in information processing equipment, small recreational items, flowers, pets, recreational and cultural services, newspapers, books, stationery, and holiday packages. Some of this increase was offset by lower prices for audio-visual equipment.
3.5% in the Education group, driven by higher prices for preschool, primary, secondary, and higher education tuition.
6.7% in the Hotels-Cafes-Restaurants group, primarily due to higher prices in restaurants, confectioneries, cafés, canteens, hotels, motels, and inns.
2.0% in the Miscellaneous Goods and Services group, mainly due to higher prices for hairdressers and personal care establishments, other personal items, health insurance, and vehicle insurance. Some of this increase was offset by lower prices for other personal care items.
2. Decreases in Indexes:
0.2% in the Durable Goods-Household Items and Services group, mainly due to lower prices for household consumables. This decrease was partially offset by higher prices for household services.
0.3% in the Communications group, primarily due to lower prices for telephone services.
