These trends are largely attributed to a significant drop in energy prices, despite some fluctuations, along with a softening in food prices.
According to Eurostat, Greece posted the highest annual change in prices for the month of September with 1.7%, followed by Portugal and Italy with 1.2%.
At the same time, the consumer price index in the Eurozone increased by 1.8% during the same month (down from 2.2% in Aug.), falling below the European Central Bank's (ECB) target of 2%.
Regarding monetary policy, the BoG notes that 2024 will see a marginal expansion as a result of investment spending from available EU funds.
The annual inflation rate for the European Union was 2.4% in August 2024, down from 2.8% in July, while a year earlier, it stood at 5.9%.
Olive oil, a cooking staple in the country, recorded a whopping price hike of 49.1%
Marginally up from 3.0% in July 2023, exceeds Euro Area average of 2.2%
The European Union’s (EU) annual inflation rate was 2.8% in July, compared to 2.6% in June, compared to last year when it stood at 6.1%.
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.
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%.
The negative development prompted the relevant development minister to meet with supermarkets' representatives to hammer out a plan to contain rising food prices
The PM said energy producers had made a huge windfall and the government would tax them
Food inflation in Greece is comparable to the EU27 average, while Greek wages, in terms of purchasing power, are only higher than those in Bulgaria
Final figures on inflation for Greece came in slightly worse than the preliminary figure of 2.4%, released by ELSTAT at the start of July
It was up by 2.3% compared to June of 2023, according to preliminary figures by the country’s statistical authority ELSTAT
The PM urged people to watch Coldplay's latest video clip shot at the Odeon of Herodes Atticus
Core inflation, which excludes the calculation of volatile fuel and unprocessed food prices, also slightly declined to 2.8% annually from 2.9% a month earlier
A year earlier, the rate was 6.1%. European Union's annual inflation was 2.7% in May 2024, up from 2.6% in April. A year earlier, the rate was 7.1%
However, the consumer price Index (CPI) in May 2024 compared with May 2023, increased by 2.4%. In May 2023, the annual rate of change of the CPI was 2.8%.
Eurozone Inflation Climbs to 2.6%