Inflation in Greece remained unchanged at 2.4% in November 2024, compared to October, according to data published by the country’s statistical services, ELSTAT.
The general consumer price index (CPI) posted a 0.4% decrease in November compared to the previous month, a similar percentage drop in comparison to the respective period last year.
There was a 2.8% rise in the average Consumer Price Index (CPI) for the 12-month period from December 2023 to November 2024, showing a 2.8% increase vis-à-vis the corresponding period of the previous year. This marks a slowdown compared to the 3.8% increase recorded during the 12 months from December 2022 to November 2023.
The data revealed notable shifts in food prices:
A significant drop in the price of pasta (down 10.1%).
The rate of increase in olive oil prices slowed to 6.4% as the recent cycle of price hikes came to an end.
The price of beef was higher at 4.1% and cereals (up 5.6%).
Notable increases were observed in airline tickets (up 34.9%), hotel accommodations (up 11.9%), and health insurance premiums (up 14%).
Year-on-Year Comparison: November 2024 vs. November 2023
In November 2024, the general CPI rose by 2.4% compared to November 2023. The increase was primarily attributed to food and non-alcoholic beverages: a 0.6% rise, driven by price increases in items like bread, breakfast cereals, beef, fresh fish, olive oil, dried fruits, nuts, vegetables, sweets, and soft drinks.
Alcoholic Beverages and Tobacco: Prices rose by 1.0%, primarily due to unserved alcoholic beverages.
Clothing and Footwear: A significant 7.2% increase due to higher prices in apparel and footwear.
Housing: A 2.1% rise, attributed to higher costs for rent, home repairs, and electricity. This was partially offset by lower prices for heating oil and solid fuels.
Health: A 3.6% increase, driven by higher costs for pharmaceuticals, medical products, healthcare services, and hospital care.
The data on inflation in Greece reflects ongoing challenges in key sectors, with rising prices persisting across various categories, albeit at a moderated pace compared to previous years.
