Food inflation showing signs of ebbing
Inflation in Greece stood at 2.9% last month, down from 3.1% in January 2024, while the slowdown of food price growth was even greater, data from the Hellenic Statistical Authority (ELSTAT), released on Friday, showed.
Food inflation dropped to 6.7% in February (on an annual basis) from 8.3% in January 2024.
However, on a monthly basis, there were significant price hikes recorded again in basic food items, while recent increases in fuel prices maintained inflationary pressures.
The figures, of course, do not capture the impact of the new anti-punctuation measures, since they came into effect on March 1.
According to the analytical data by ELSTAT, the price of eggs increased in February by 4.4% compared to January, fresh fish by 3.3%, juices by 2.6% and beef by 1.1%.
A 4.4% increase was also recorded in the price of diesel, of heating oil (by 4.3%) and in the price of gasoline (by 3.1%).
In fact, the increase in liquid fuel prices continues into March.
New price increases were recorded in air tickets (2.9% on a monthly basis), computers, telephones, television sets (2.9%), etc.
On an annual basis, olive oil continues to be the champion of inflation, with its price being 63.7% higher in February 2024 compared to February 2023.
It was followed by juices with an increase of 13.8%, fresh fruit with 12.3%, fish with 9.7%, vegetables with 6.5%, and sugar, chocolates and sweets with 5.8%.
It is worth noting that in olive oil, juices, as well as in sweets, no quick de-escalation of prices is expected, but rather a continuation of the hikes due to the very high international prices of olive oil, orange juice concentrate, sugar and cocoa.
Similar conclusions are drawn from the Food Price Index of the UN Food and Agriculture Organization (Food Price Index), which in February was marginally at lower levels compared to January by 0.9 points, while important sub-indices supported it.
Therefore, the sugar price index increased by 4.4 points compared to a month ago and by 15.6 points compared to a year ago, while the meat price index increased by 2 points compared to January.
