Greek inflation

Greece recorded a higher inflation rate than the EU average, ranking tenth among the countries with the highest inflation rates, for this year.

The general consumer price index (CPI) posted a 0.4% decrease in November compared to the previous month

A year earlier, in November 2023, inflation in Greece was recorded at 2.9%.

On a year-to-year basis, the average inflation in Greece from November 2023 to October 2024 increased by 2.9%, compared to a 4.2% rise during the same period the previous year

Over six in ten (65%) of households said that their financial situation worsened over the past year

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%.

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%.

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

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

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%.

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The findings are based on IELKA's regular report, which includes a price comparison study using data from price comparison platforms in each country and direct price checks from supermarket chains.