Inflation in Greece Unchanged at 2.4% in Nov. 2024
The general consumer price index (CPI) posted a 0.4% decrease in November compared to the previous month
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%.
These trends are largely attributed to a significant drop in energy prices, despite some fluctuations, along with a softening in food prices.
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%
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
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%.
The data shows that Greece ranks seventh in overall inflation within the eurozone and second in food inflation
The rate of increase for food prices was up by 4.9% in April 2024, compared to 4.8% in the previous month
Lithuania (0.3%), Finland (0.7%), and Latvia (1%) recorded the lowest inflation in March, with Croatia (4.9%), Austria (4.2%) and Estonia (4.1) witnessing the highest rates
The Greek Prime Minister stated that "the fight against rising prices is ongoing", during his visit to a supermarket in Athens earlier today
The Eurozone average dropped to 2.6%, according to the preliminary estimates by Eurostat
The PM outlined a series of priorities over the coming months which included tackling inflation, supporting agricultural products, and enhancing public health.
The statistics authority cited a decline in energy prices, especially a 60.2%-decrease in natural gas prices.
Despite the overall trend, Greece faces persistent challenges with rising food prices, as the food, alcohol and tobacco index totaled 7.1% during the month, on an annual basis, slightly lower than 7.6% in Dec 2023
Across the European Union, annual inflation reached 3.4% in December 2023, rising from 3.1% in November marking a significant decrease from the 10.4% recorded one year earlier
This data confirms recent figures released by the European Statistical Authority (Eurostat), according to which inflation saw a spike in both Greece and the Eurozone as a whole in December
Inflation rates will remain above the ECB limit (2%), not only for 2024 but also for 2025, something that will continue to test the resilience of consumers, especially if new geopolitical challenges arise that might exacerbate the already precarious situation
Inflation in the Eurozone stood at 2.9%
This development can be primarily attributed to a significant decrease in the prices of natural gas (-53.2%) and fuels-lubricants
Food, alcohol, and tobacco will exhibit the highest annual rates at 6.9 percent in the Eurozone
The inflation rate in Greece settled at 3.8 percent in October 2023, according to Eurostat's final data
The European Commission's economic assessment and update report on the economies of the EU countries
The inflation rate for foods again neared “double-digit territory”, reaching 9.9 percent, up from 9.4 percent in the previous month
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