Inflation in Greece stood at 2.6% in Dec. 2024, up from 2.4% in Nov., according to official data from the Hellenic Statistical Authority (ELSTAT).
This 2.6% increase is based on the comparison of the General Consumer Price Index (CPI) in Dec. 2024 with the same month of 2023. In contrast, the CPI had increased by 3.5% during the same period in 2023 compared to 2022.
Key items showing significant price hikes include health insurance premiums, which rose by 14%, and airfares, which saw a sharp increase of 47.7%. Hotel, motel, and inn prices also surged by 8.8%.
In addition, the cost of natural gas increased by 8.7%, while rents saw a rise of 8.5%, and clothing prices went up by 6.2%. Food items such as cereals, beef, and bottled water also saw price increases of 4.5%, 4.4%, and 4.2%, respectively.
In contrast, there were declines in prices in frozen seafood, down by 10% and a 5% drop in pasta. Heating oil prices fell by 7.6%, while the cost of essential household items decreased by 6.3%.
Interestingly, food inflation recorded a negative figure of -0.3% for the first time since May 2021, when it had been -0.15%.
On a month-to-month basis, the CPI for Dec. 2024 showed a slight increase of 0.1% compared to Nov., in contrast to a 0.1% decrease in the same period the previous year.
From June 2021 to Nov. 2024, food inflation (which includes non-alcoholic beverages) had been consistently positive on an annual basis.
For the 12-month period from Jan. 2024 to Dec. 2024, the average CPI increased by 2.7% compared to the same period in 2023. This was lower than the 3.5% increase seen in the previous year, comparing the 2023-2024 period with 2022-2023.
In terms of the broader European context, data from Eurostat revealed that Greece’s price increases in services were above the Eurozone average.
Prices in Greek services rose by 5.6%, compared to the Eurozone’s average of 5.1%. Greece had the fourth-largest increase in prices for services, following Croatia (7.7%), Slovakia (6.6%), and the Netherlands (5.9%).
Energy prices in Greece also rose by 0.7% in Dec., compared to a 0.1% increase in the Eurozone.
In non-energy industrial goods, Greek prices increased by 1.7%, marking the second-highest rise in the EU, after Slovakia (2.1%), while the Eurozone average stood at just 0.5%.
