Inflation in Greece significantly accelerated in December 2023, rising 3.5% from 3% in November. At the same time, prices in food rose to another 8.9% in the last month of the last year with olive oil to hit an increase record with 58.5%, Greece’s Statistics authority ELSTAT announced on Friday.
The large drop in natural gas prices (52.9%) overcompensated by price increases in the vast majority of products and services, most notably the 58.5% increase in the price of olive oil, while new price increases of 8.9% were recorded in food items.
It is noted that at average levels last year there was an increase in inflation by 3.5%.
In one year, price increases were recorded in: Bread and cereals (2.6%), Meat – general (6.5%), Fish – general (8.4%), Dairy products and eggs (3.8%), Olive oil (58.5%), Fruits – general (15%), Vegetables – general (14%), Sugar – chocolates – sweets – ice creams (7.7%), Other foods (7%), Coffee – cocoa – tea ( 3.7%), Mineral water – soft drinks – fruit juices (12.6%) and Alcoholic drinks – not served (5.2%).
Also in: Clothing and footwear (2.8%), House rents (4%), Home repair and maintenance (2.3%), Heating oil (13.7%), Solid fuels (9.2%), Furniture, decorative items and other floor coverings (2.4%), Household consumer goods (2.7%), Household services (1.9%), Pharmaceutical products (11.8%), Medical-dental and paramedical services (5.4%), Hospital care (0.9%), New cars (0.5%), Used cars (4.5%), Car parts and accessories (5.6%), Maintenance and repair of personal equipment transportation (4.2%), Air passenger transportation (10.2%), Leisure durables (3.1%), Small leisure items – flowers – pets (4.4%), Cinemas – theaters (10% ), Holiday package (9.3%), Preschool and primary education (4%), Secondary education (3.6%), Tertiary education (2.8%), Restaurants-patisseries-cafes-canteens (5.9% ), Hotels-motels-inns (5.7%), Hairdressers and personal care shops (3.1%), Other personal care items (0.5%), Health insurance premiums (5.7%) and Vehicle insurance premiums ( 2.1%).
In contrast, prices fell in: Natural gas (52.9%), Fuels and lubricants (3.3%), Telephone services (3.5%) and Audio and video processing equipment (5.1%).
Between December and November 2023 there were new price increases in: Poultry (1.2%), Fresh fish (2.2%), Olive oil (4.7%), Fresh vegetables (5.7%), Preserved vegetables or processed (1.5%), Clothing and footwear (1.3%), Electricity (0.5%), Household appliances and repairs (2.7%), Consumer goods (0.9%), Audio-visual equipment – computers – repairs (1.7%), Restaurants – patisseries – cafes – canteens (0.6%) and Hotels – motels – inns (2.9%). On the other hand, prices decreased in: Pork (1.2%), Cold cuts (3.3%), Fresh fruit (3.1%), Frozen vegetables (3.1%), Coffee (2.5% ), Alcoholic drinks – not served (2.9%), Heating oil (5.5%), Fuels and lubricants (2.9%), Air passenger transport (6.9%) and ‘Other personal care items ( 0.7%).
According to ELSTAT, the increase in the general consumer price index and inflation in December came mainly from the changes in the following groups of goods and services:
1. From the increases of the indicators by:
*8.9% in the “Food and non-alcoholic beverages” group, due to price increases mainly in: bread and cereals, meat (general), fish (general), dairy and eggs, olive oil, fruit (general), vegetables (general ), sugar – chocolates – sweets – ice creams, other foods, coffee – cocoa – tea, mineral water – soft drinks – fruit juices.
*2.2% in the “Alcoholic beverages and tobacco” group, due mainly to an increase in prices of alcoholic beverages (not served).
*2.8% in the “Clothing and footwear” group, due to price increases in clothing and footwear.
*1.9% in the group “Durable goods – Household items and services”, due to price increases mainly in: furniture, decorative items and other floor coverings, household items for immediate consumption, household services.
*5.5% in the “Health” group, due to price increases mainly in: pharmaceutical products, medical-dental and paramedical services, hospital care.
*0.3% in the “Transport” group, due to price increases mainly in: new cars, used cars, car parts and accessories, maintenance and repair of personal transport equipment, air passenger tickets. Part of this increase was compensated by the decrease mainly in fuel and lubricant prices.
*2.6% in the “Leisure-Cultural activities” group, due to price increases mainly in: durable leisure goods, small leisure items – flowers – pets, cinemas – theaters, package holidays. Part of this increase was offset by a decrease in prices mainly in audio and video processing equipment.
*3.5% in the “Education” group, mainly due to price increases in: pre-school and primary education fees, secondary education fees, tertiary education fees. [More on ELSTAT.gr]
In an effort to curb constant soaring prices in food and other essential products, the Greek government finally decided to take some measures to protect consumers, despite the fact that inflation in food items has been rising throughout the year. However, the results of the measures are expected to be seen on the stores shelves not before March 2024.
