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Oikonomia, Economy, Ellada, Greece
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Greek annual inflation rate slowed to 1.8% in June

This development is exclusively because to a sharp fall in electricity, natural gas and oil prices, while food prices rose 12.2% and another wide range of product and services prices moved up.

The Greek inflation rate fell sharply to 1.8% in June from 2.8% in May and 12.1% in June 2022, Hellenic Statistical Authority said on Friday. The statistics service, in a monthly report, attributed this development exclusively to a sharp fall in electricity, natural gas and oil prices, while food prices rose 12.2% and another wide range of product and services prices moved up due to so-called "greedflation", as described by Bank of Greece officials.

More specifically, price increases were recorded in bread-cerals (9.5%), meat (11.4%), fish (6.7%), dairy-eggs (15.3%), oils (14.2%), fruit (10.3%), vegetables (14.7%), sugar-chocolate-ice cream (10.9%), coffee-tea (10.5%), mineral water-beverages-juices (13.2%), alcohol (8.1%), clothing-footwear (5.9%), house rent (4.5%), solid fuel (27.9%), furniture (4.7%), household items (5.1%), pharmaceuticals (18.8%), medical services (5.0%), new cars (4.3%), used cars (9%), motorcycles (6.6%), car parts (11.5%), cinemas (10.9%), holiday packages (6.4%), restaurants (7.1%) and hotels (4.8%).

On the other hand, prices fell in natural gas (54.7%), electricity (21.7%), fuel-lubricants (21.4%), heating oil (20.7%), telephone services (2.7%) and air travel (0.8%).

The statistics service attributed the 1.8% increase in the consumer price index in June to index increases in foods/beverages (12.2%), alcohol/tobacco (3.4%), clothing/footwear (5.9%), durable goods (7.6%), health (7.7%), entertainment (3.6%), education (2.2%), hotel-restaurants (6.3%) and other goods and services (4.2%). Index declines were recorded in housing (11.7%), transport (7.6%) and communications (2.7%).

The consumer price index was up 0.6% in June from May 2023, while the country's harmonised inflation rate was 2.8% in June from 11.6% in June 2022. On a monthly basis, the harmonised inflation rate rose 0.9% in June from May 2023.

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