The inflation rate in Greece decreased significantly last month, on an annual basis, easing to 1.8 percent from 2.8 percent in May 2023 and 12.1 percent in the corresponding month of 2022 – rendering it one of the lowest in Europe.
According to the monthly report by the Hellenic Statistical Authority (EL.STAT), released on Friday, downward trend is almost exclusively the product of imploding electricity, natural gas and oil prices.
Conversely, and on an ominous note, food prices continued to rise at double-digit rates, reaching 12.2 percent in the specific month – part of what the Bank of Greece (BoG) governor recently referred to “greedflation”.
Specifically, higher prices were recorded in the sub-categories of breads-cereals (9.5 percent), meats (11.4 percent), seafood (6.7 percent), dairy-eggs (15.3 percent), cooking oils (14.2 percent), fruits (10.3 percent), vegetables (14.7 percent), sugar-chocolate-ice creams (10.9 percent), coffee-tea (10.5 percent), bottled water-beverages-juices (13.2 percent) and alcoholic beverages (8.1 percent).
Residential rents were up by 4.5 percent.
Conversely, major price decreases were reported for natural gas (54.7 percent), electricity (21.7 percent), fuels-lubricants (21.4 percent), out-of-season heating oil (20.7 percent), telecoms (2.7 percent) and air travel (0.8 percent).
The consumer price index was up by 0.6 percent in June 2023 from May 2023, while the the harmonized inflation rate reached 2.8 percent last month, down from 11.6 percent in June 2022. On a monthly basis, the harmonized inflation rate rose by 0.9 percent last month from May 2023.
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