Annual inflation rate up 2.7% in Aug. 2023

The annual inflation rate in Greece stood at 2.7 percent in August 2023, up from 2.5 percent the previous month, but significantly lower compared with 11.4 percent in the corresponding month of 2022, the Hellenic Statistical Authority announced on Friday.

The August figures revealed lower energy rates, but significant hikes in practically all products and services, with the most ominous trend again being hefty increases in food prices.

Specifically, price hikes were recorded in breads/cereals, 6.6 percent; meats, 9.7 percent; seafood, 6.7 percent; dairy/eggs, 11.9 percent, cooking oils/fat, 12 percent; fresh fruit, 10.7 percent; vegetables, 17.6 percent and coffee-cocoa-tea, 8.7 percent, among others.

Conversely, prices fell for natural gas, 78.8 percent; out-of-season heating oil, 20.7 percent; electricity 6.5 percent; fuels-lubricants 4.2 percent and telecoms, 3.4 percent.

The consumer price index remained unchanged in August 2023 from July 2023, whereas the harmonized inflation rate increased by 3.5 percent last month, from 11.2 percent in August 2022, but down 0.2 percent from July 2023.