Greek annual inflation rate slows to 2.4% in May 2024

The inflation rate in Greece slowed significantly in May 2024, according to figures released by Greece's independent statistical authority ELSTAT on Monday on the consumer price index (CPI). The annual increase in the CPI was 2.4% compared with May 2023, when the annual rate of change of the CPI was 2.8%.

The harmonised inflation rate increased by 2.4% in May 2024, down from 4.1% in May 2023 relative the same month in 2022. 

The CPI in May 2024 compared with April 2024, decreased by 0.3%. In May 2023, the monthly rate of change of the CPI was 0.4%.

This was largely due to reduced energy prices (electricity, natural gas), while food inflation also slowed to 3.1% - with some notable exceptions, such as olive oil (up 56.8%), fish (up 12.5%) and soft drinks (7.7%).

More specifically, the 2.4% increase of the Overall CPI in May 2024, compared with the corresponding index in May 2023 was, mainly, due to the changes in the groups of goods and services as follows:

1. An increase of:

• 3.1% in the group Food and non-alcoholic beverages, due to the increase, mainly, in the prices of: meat, fresh fish, olive oil, fruit, vegetables, sugar-chocolates-sweets-ice creams, mineral water-refreshments-fruit juices. This increase was partly offset by the decrease, mainly, in the prices of: bread and cereals, milk-cheese and eggs, other edible oils.
• 1.6% in the group Alcoholic beverages and tobacco, due to the increase, mainly, in the prices of alcoholic beverages (not served).
• 6.4% in the group Clothing and footwear, due to the increase in the prices of clothing and footwear.
• 2.2% in the group Health, due to the increase, mainly, in the prices of: pharmaceutical products, medical-dental and paramedical services, hospital care.
• 4.0% in the group Transport, due to the increase, mainly, in the prices of: new motor cars, second hand motor cars, spare parts and accessories for motor cars, fuels and lubricants, maintenance and repair of motor cars-motor cycles, tickets for passenger transport by air.
• 2.2% in the group Recreation and culture, due to the increase, mainly, in the prices of: information processing equipment, small recreational items-flowers-pets, cinemas-theatres, newspapers-books and stationary, package holidays.
• 3.5% in the group Education, due to the increase, mainly, in the prices of: fees of pre-primary and primary education, fees of secondary education, fees of tertiary education.
• 5.0% in the group Hotel-Cafés-Restaurants, due to the increase, mainly, in the prices of restaurants-confectioneries-cafes-buffets.
• 1.1% in the group Miscellaneous goods and services, due to the increase, mainly, in the prices of: hairdressing salons and personal grooming establishments, other personal effects, private insurance connected with health, motor vehicle insurance.

This increase was partly offset by the decrease, mainly, in the prices of other appliances and articles for personal care.

2. A decrease of:

• 1.6% in the group Housing, due to the decrease, mainly, in the prices of: municipal charges for refuse collection, electricity, natural gas. This decrease was partly offset by the increase, mainly, in the prices of: rentals for dwellings, services for the repair and maintenance of the dwelling, heating oil.
• 0,3% in the group Household equipment, due to the decrease, mainly, in the prices of non-durable household articles. This  decrease was partly offset by the increase, mainly, in the prices of domestic services.
• 1.2% in the group Communication, due to the decrease, mainly, in the prices of telephone services.