Greek inflation rate drops to 1.8% in June, led by energy price decline
The inflation rate in Greece decreased to 1.8% in June from 2.8% in May and 12.1% in June 2022, according to the Hellenic Statistical Authority (ELSTAT). In their monthly report, ELSTAT attributed this decline solely to a significant drop in electricity, natural gas, and oil prices. However, food prices saw a rise of 12.2%, and a wide range of other products and services experienced price increases, which Bank of Greece officials have referred to as “greedflation.”
Specifically, price increases were observed in various categories, including bread-cereals (9.5%), meat (11.4%), fish (6.7%), dairy-eggs (15.3%), oils (14.2%), fruit (10.3%), vegetables (14.7%), sugar-chocolate-ice cream (10.9%), coffee-tea (10.5%), mineral water-beverages-juices (13.2%), alcohol (8.1%), clothing-footwear (5.9%), house rent (4.5%), solid fuel (27.9%), furniture (4.7%), household items (5.1%), pharmaceuticals (18.8%), medical services (5.0%), new cars (4.3%), used cars (9%), motorcycles (6.6%), car parts (11.5%), cinemas (10.9%), holiday packages (6.4%), restaurants (7.1%), and hotels (4.8%). Conversely, prices declined for natural gas (54.7%), electricity (21.7%), fuel-lubricants (21.4%), heating oil (20.7%), telephone services (2.7%), and air travel (0.8%).
ELSTAT attributed the 1.8% increase in the consumer price index in June to index increases in food/beverages (12.2%), alcohol/tobacco (3.4%), clothing/footwear (5.9%), durable goods (7.6%), health (7.7%), entertainment (3.6%), education (2.2%), hotel-restaurants (6.3%), and other goods and services (4.2%). Index declines were recorded in housing (11.7%), transport (7.6%), and communications (2.7%).
In June 2023, the consumer price index rose by 0.6% compared to May. Additionally, the country’s harmonized inflation rate was 2.8% in June, down from 11.6% in June 2022. On a monthly basis, the harmonized inflation rate increased by 0.9% in June compared to May 2023. [AMNA]
