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Inflation in Greece rose to+2.5% in July, +12.3% in food

Greece’s annual EU-harmonized inflation accelerated to +3.5% in July from +2.8% in June, data showed on Tuesday.

EU-harmonized inflation is an index of components that is used across the EU to measure inflation in a consistent way.

Official statistics service ELSTAT also reported that headline consumer inflation in July rose to +2.5% from a downwardly revised +1.8% in June.

Inflation was 2.5% in July 2023 compared to 1.8% the previous month according to ELSTAT data, however food inflation was up at 12.3%.

ELSTAT REPORT JULY 2023

From the comparison of the General CPI of the month of July 2023 with the corresponding Index of July 2022, there was an increase of 2.5% against an increase of 11.6% that occurred during the corresponding comparison of the year 2022 with 2021.

The General CPI during the month of July 2023, compared to June 2023, showed a decrease of 1.1%, against a decrease of 1.8% that occurred during the corresponding comparison of the previous year.

The average CPI for the twelve months of August 2022 – July 2023, compared to the corresponding Index for the twelve months of August 2021 – July 2022, showed an increase of 6.2% compared to an increase of 7.1% recorded during the corresponding comparison of the twelve months of August 2021 – July 2022 with the twelve months of August 2020 – July 2021.

The average CPI for the twelve months of August 2022 – July 2023, compared to the corresponding Index for the twelve months of August 2021 – July 2022, showed an increase of 6.2% compared to an increase of 7.1% recorded during the corresponding comparison of the twelve months of August 2021 – July 2022 with the twelve months of August 2020 – July 2021.

The increase in the General CPI by 2.5% in July 2023, compared to the corresponding Index in July 2022, came mainly from the changes in the following groups of goods and services:

1. From the increases of the indicators by:

12.3% in the group Food and non-alcoholic beverages, due mainly to price increases in: bread and cereals, meats (general), fish (general), dairy and eggs, oils and fats, fruits (general), vegetables (general) , sugar chocolates-sweets-ice creams, other foods, coffee-cocoa-tea, mineral water-soft drinks-fruit juices.
3.4% in the group Alcoholic beverages and tobacco, due mainly to an increase in prices of alcoholic beverages (not served).

5.2% in the Clothing and Footwear group, due to price increases in clothing and footwear.

6.4% in the group Durable goods-Household goods and services, due to price increases mainly in: household appliances and repairs, glassware-tableware and housewares, household consumer goods, household services.

7.8% in the Health group, mainly due to price increases in: pharmaceutical products, medical-dental and paramedical services, hospital care.

3.5% in the Leisure-Cultural activities group, mainly due to price increases in: leisure and cultural durables, small leisure items-flowers-pets, cinemas-theatres, package holidays.

2.2% in the Education group, mainly due to price increases in: primary education fees, secondary education fees

6.2% in the Hotels-Cafes-Restaurants group, mainly due to an increase in prices in restaurants-patisseries cafes-canteens.

3.6% in the Other goods and services group, due mainly to price increases in: hair salons and personal care stores, other personal care items, other personal items, health insurance premiums, vehicle insurance premiums.

From the reduction of the index by:

11.8% in the Housing group, mainly due to a decrease in prices in: electricity, natural gas, heating oil. Part of this decrease was offset by the increase in prices mainly in: house rents, house repair and maintenance, utility services, LPG, solid fuels.

3.7% in the Transportation group, mainly due to a decrease in fuel and lubricant prices. Part of this decrease was offset by price increases mainly in: new cars, used cars, mopeds, motorcycles, car parts and accessories, maintenance and repair of personal transport equipment, air passenger tickets.

2.8% in the Communications group, mainly due to a decrease in prices for telephone services.

source: ELSTAT

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