Inflation dropped to 2.9% in February, but food prices grew 6.7%

Inflation in Greece eased to a 2.9% rate in February, from 3.1% in January, while prices in the food category increased on an annual basis by 6.7%, slowing down from the previous month’s 8.3% rate, the Hellenic Statistical Authority announced on Friday.

ELSTAT’s February consumer price index showed an increase of 2.9% compared to the corresponding index of February 2023, against a 6.1% yearly increase noted in the same month last year.

Last month’s CPI showed an increase of 0.1% compared to January 2024, against an increase of 0.3% recorded in last year’s annual comparison.

The average index for the 12 months March 2023 – February 2024, compared to the corresponding Index for the 12 months of March 2022-February 2023, showed an increase of 2.9%, compared to an increase of 9.6% recorded during the corresponding comparison of the 12 months of March 2022-February 2023 with the 12 months of March 2021-February 2022.

The annual increase of the General CPI by 2.9% last month, came mainly from the 6.7% rise in the group “Food and non-alcoholic beverages,” due to price increases mainly in: Bread and cereals, meats (general), fish (general), olive oil, fruit (general), vegetables (general), sugar-chocolates- sweets-ice creams, other foods, coffee-cocoa-tea, mineral water-soft drinks-fruit juices.

However, part of this increase was offset by the decrease in prices mainly in dairy products and eggs.