Marginal drop in inflation
Food price increases continue to drive the index, which had a 2.9% reading in September
Inflation slowed down last month, albeit marginally, as it stood at 2.9% compared to 3% in August, with the prices of food, rent as well as other goods and services such as medicines, insurance premiums continuing to exert strong inflationary pressures.
Notably the average annual inflation in the first nine months of 2024 stands at 2.8%, close to the budget forecast for inflation of 2.7%, while the average annual inflation in the 12 months of October 2023 – September 2024 is 3%.
However, the geopolitical developments and especially the possibility of an extension of the war in the Middle East cannot be considered factors that could lead to a de-escalation of prices, while at the same time the war in Ukraine is ongoing. The most worrying fact, perhaps, as was also pointed out when the Eurostat estimates for the harmonized consumer price index were released a few days ago, is that Greece recorded a large monthly increase in the consumer price index, 1.8%, according to the data announced on Thursday by the Hellenic Statistical Authority (ELSTAT).
The 2.9% annual increase in the consumer price index in September was primarily due to the increase in the individual price index of 3.2% of the food and non-alcoholic beverages group due to an increase in prices mainly in bread (1.2%), meat (2%), fresh fish (9.9%), olive oil (38.9%), fruit (7.7%), preserved or processed vegetables (2.1%), sugar-chocolates-sweets-ice cream (5.6%), and mineral water-soft drinks-fruit juices (6.5%).
A decisive role also belonged to the 5.9% increase in the price index in the housing group, mainly due to the 5.5% increase in rents, the 3.7% rise in food service-hotels, the health group due mainly to the increase in the price of medicines (by 4.9%), while significant hikes were recorded in tuition fees (3.5%) at all levels of education, as well as in services, such as health insurance premiums (14%).
There were also increases in food prices on a monthly basis, namely in fruit (9.1%), vegetables (7.3%), potatoes (4.2%) and poultry (2.5%).
