Greek Inflation in May Down to 2.4% from April

Greek inflation in May 2024 registered a slight 0.3% drop to 2.4% from April’s 2.4% rate. However, the consumer price Index (CPI) in May 2024 compared with May 2023, increased by 2.4%, acording to the country’s statistical authority, ELSTAT. In May 2023, the annual rate of change of the CPI was 2.8%.

The average inflation in Greece for the twelve – month period from June 2023 to May 2024, compared with the corresponding index for the period June 2022 to May 2023 increased by 2.8%. The annual rate of change of the average CPI between the twelve – month period June 2022 to May 2023 in comparison to the period June 2021 to May 2022 was 7.8%.

The 0.3% decrease of the Overall Greek inflation in May 2024, compared with the corresponding index in April 2024 is, mainly, due to the changes in the groups of goods and services as follows:

1. A decrease of:

• 0.5% in the group Food and non-alcoholic beverages, due to the decrease, mainly, in the prices of: pork, milk whole fresh, fresh
fruit, fresh vegetables. This decrease was partly offset by the increase, mainly, in the prices of: bread and cereals, poultry, fresh
fish, yoghurt.
• 0.3% in the group Alcoholic beverages and tobacco, due to the decrease, mainly, in the prices of alcoholic beverages (not
served).
• 0.6% in the group Housing, due to the decrease, mainly, in the prices of electricity. This decrease was partly offset by the
increase, mainly, in the prices of: rentals for dwellings, natural gas.
• 0.4% in the group Household equipment, due to the decrease, mainly, in the prices of non-durable household articles.
• 0.4% in the group Transport, due to the decrease, mainly, in the prices of fuels and lubricants. This decrease was partly offset
by the increase, mainly, in the prices of tickets for passenger transport by air.
• 0.8% in the group Miscellaneous goods and services, due to the decrease, mainly, in the prices of other appliances and articles
for personal care.

2. An increase of:
• 0.8% in the group Clothing and footwear, due to the increase in the prices of clothing and footwear.
• 0.2% in the group Hotel-Cafés-Restaurants, due to the increase, mainly, in the prices of restaurants-confectioneries-cafes-buffets.