ELSTAT: Inflation ‘Slows Down’ in November to 3% Compared to 2022

The upward inflation trend recorded a slowdown in November this year, standing at 3%, recording a 0.4 percentage decrease from 3.4% in October 2023 and 8.5% in November last year, according to the Hellenic Statistical Authority (EL.STAT).

This development can be primarily attributed to a significant decrease in the prices of natural gas (-53.2%) and fuels-lubricants. Meanwhile, upward adjustments persisted in food items (9%, with notable mention of a 31.4% increase in oil) and a broad range of products and services.

On an annual analysis, the increase in the General CPI in November 2023, compared to 2022, was primarily driven by changes in the following groups of goods and services:

– 9.0% in the “Food and Non-Alcoholic Beverages” group, driven by price hikes in items such as bread and cereals, meats, fish, dairy products and eggs, oils and fats, fruits, vegetables, sweets-chocolates-ice cream, other foods, coffee-cocoa-tea, and mineral water-soft drinks-fruit juices.

– 2.6% in the “Alcoholic Beverages and Tobacco” group, mainly due to increased prices in alcoholic beverages (not served).

– 6.4% in the “Clothing and Footwear” group, attributed to rising prices in clothing and footwear items.

– 5.5% in the “Health” group, influenced by higher prices in pharmaceutical products, medical-dental, paramedical services and hospital care.

– 4.7% in the “Hotels-Cafes-Restaurants” group, driven by increased prices mainly in restaurants-patisseries-cafeterias. Part of this increase was offset by the decrease mainly in the prices of hotel-motels.

Additionally, increases were noted in various categories such as rent, housing maintenance, electricity, heating oil, solid fuels, household goods, household services, pharmaceutical products, medical-dental and paramedical services, hospital care, used cars, car parts and accessories, cinemas-theatres, vacation packages, preschool and primary education, secondary education, tertiary education, restaurants-patisseries-cafeterias, hairdressers and personal care stores, other personal care items, health insurance, and vehicle insurance.

Conversely, prices decreased in natural gas (53.2%), fuels and lubricants (9.3%), telephone services (3.5%), audio and visual equipment (5%), and hotels-motels-lodges (3%).

Source: tovima.com