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Olive Oil prices up 67.4%, Food 8.3%, Health 5.7% in a year

The rate of price increases fell to 3.1% in January 2024 from a year earlier, Greek statistics authority ELSTAT announced on Thursday. Ιmpressive is at the same time, however, the price increase of olive oil by 67.4% within a year!

The olive oil increase affects the general price index to the amount of 0.53 (that is, 1/6 of the increase in the general price index in January is due to the increase in the price of olive oil!).

ELSTAT stated that from the comparison of the inflation of the month of January 2024 with the corresponding Index of January 2023, an increase of 3.1% emerged against an increase of 7.0% that occurred during the corresponding comparison of the year 2023 with 2022.

The General Consumer Price Index (CPI) during the month of January 2024, compared to December 2023, showed a decrease of 0.8%, against a decrease of 0.5% that occurred during the corresponding comparison of the previous year. Olive oil, however, increased by 6.8% between December 2023 and January 2024, ELSTAT noted.

The average Consumer Price Index for the twelve months of February 2023 – January 2024, compared to the corresponding Index for the twelve months of February 2022 – January 2023, showed an increase of 3.2%, compared to an increase of 9.7% recorded during the corresponding comparison of the twelve months of February 2022 – January 2023 with the twelve months of February 2021 – January 2022.

Comparison of January 2024 with January 2023

The increase of the General CPI by 3.1% in the month of January 2024, compared to the corresponding Index of January 2023, came mainly from changes in the following groups of goods and services:

8.3% in the group Food and non-alcoholic beverages, mainly due to price increases in: bread and cereals, meat (general), fish (general), dairy and eggs, olive oil, fruit (general), vegetables (general), sugar, chocolate -sweets-ice creams, other foods, coffee-cocoa-tea, mineral water-soft drinks-fruit juices.

2.6% in the group Alcoholic beverages and tobacco, due mainly to an increase in prices of alcoholic beverages (not served).

3.5% in the Clothing and Footwear group, due to price increases in clothing and footwear.

1.9% in the group Durable goods-Household goods and services, due mainly to an increase in prices of goods of immediate household consumption.

5.7% in the Health group, mainly due to price increases in: pharmaceutical products, medical-dental and paramedical services, hospital care.

0.2% in the Transportation group, due mainly to price increases 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 mainly to price increases in: leisure durables, small leisure items-flowers-pets, cinemas-theatres, package holidays. Part of this increase was offset by the decrease in prices mainly in audio-visual equipment-computers-repairs.

3.5% in the Education group, mainly due to price increases in: pre-school and primary education fees, secondary education fees, tertiary education fees.

6.4% in the Hotels-Cafes-Restaurants group, mainly due to an increase in prices in restaurants-patisseries-cafes-canteens.

1.7% in the Other goods and services group, mainly due to price increases in: hair salons and personal care stores, health insurance premiums, vehicle insurance premiums. Part of this increase was offset by the decrease in prices mainly in other types of personal care.

From the reduction of the index by:

2.7% in the Housing group, mainly due to a decrease in prices in: electricity, natural gas. Part of this decrease was offset by the increase in prices mainly in: house rents, house repair and maintenance, heating oil, solid fuels.

2.2% in the Communications group, mainly due to a decrease in prices for telephone services.

PS I remember until a few uears ago I was buying average olive oil at supermarket at 4,8 euros per liter, now it costs 13 euros!

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