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Inflation in Greece rises to 3.2%; food prices up 5.3%

Inflation in Greece rose to 3.2% in the month of March from 2.9% in february and 3.1% in January. At the same time, food prices went up to 5.3% despite some measures imposed by the government.

Based on the data by the Hellenic Statistical Authority ELSTAT, prices in food and non-alcoholic beverages increased by 5.3% on an annual basis. Olive oil played a leading role for another month, while the second largest increase was recorded in fruit prices.

According to ELSTAT, the biggest price increases on an annual basis have been record in: olive oil with 67.2%, fruits 12.7%, mineral water – soft drinks and fruit juices 11.4%, fish 5, 7% and sugar-chocolates-sweets-ice creams with an increase of 4.7%.

In the energy sector, electricity fell by 4.6%, natural gas by 39.1%, while fuel-oils increased by 0.6% compared to March 2023.

In relation to February, a decrease of 6.3% was recorded in the prices of fresh vegetables, 1.4% in cheeses, 2.1% in pork and 5.4% in fresh fish.

In one month, an increase of 17.5% is recorded in the prices of air tickets, and by 14.6% in hotels.

The increase of the General CPI by 3.2% in the month of March 2024, compared to the corresponding Index of March 2023, mainly came from the changes in the following groups of goods and services:

Of the increases in indicators by:

· 5.3% in the group Food and non-alcoholic beverages, due to price increases mainly in: bread and cereals, meats (general), fish (general), olive oil, fruits (general), vegetables (general), sugar-chocolates- sweets-ice creams, other foods, mineral water-soft drinks-fruit juices. Part of this increase was offset by the decrease in prices mainly in dairy and eggs.

· 1.8% in the group Alcoholic beverages and tobacco, due mainly to an increase in prices of alcoholic beverages (not served).

· 5.8% in the Clothing and Footwear group, due to price increases in clothing and footwear.

· 0.6% in the Housing group, due to price increases mainly in: house rents, house repair and maintenance, heating oil, solid fuels. Part of this increase was compensated by the decrease in prices mainly in: electricity, natural gas.

· 4.4% in the Health group, mainly due to price increases in: pharmaceutical products, medical-dental and paramedical services, hospital care.

· 2% in the Transportation group, mainly due to price increases in: new cars, used cars, car parts and accessories, fuel and lubricants, maintenance and repair of personal transport equipment, air passenger tickets.

· 3.3% in the Leisure-Cultural activities group, due to price increases mainly in: information processing equipment, small leisure items-flowers-pets, sports and leisure activities, cinemas-theatres, package holidays.

· 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 and canteens, hotels-motels-inns.

· 1.3% in the Other goods and services group, mainly due to price increases in: hair salons and personal care stores, other personal items, health insurance premiums, vehicle insurance premiums. Part of this increase was offset by the decrease in prices mainly in other types of personal care.

Of the reductions in indicators by:

· 1.8% in the Communications group, mainly due to a reduction in prices for telephone services

More information on inflation in Greece on March at ELSTAT website

PS Prices at supermarkets were a tiny bit lower in March due to the government “measures”, but since beginning of April, slowly but gradually prices are up again, each and every week I do my shopping online.

This average filter coffee (Jacobs 500 gr.) went two euros down in March but increased by 1 euro again in the second April week.

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