Inflation in Greece drops to 9.1% in October

The Hellenic Ststistical Authority pegged inflation in Greece at 9.1% for October. In September, inflation in Greece stood at 12%, showing a decrease of almost 3 points in a month.

Price hikes were led by natural gas with 68.4%, remaining steady (but reduced). This is followed by the transport of passengers by taxi with 32.9%, the transport of passengers by plane with 30.6%, the transport of passengers by ship with 26.7%, while hotel boarding rose by 20.2%. Solid fuel prices rose by 23.3% and heating oil by 20.8%.

Food prices “rally”

Beyond that, the “rally” in food prices continues with the overall category “rising” by 14.8% in October, from 13.5% in September. In any case it remains above the level of average inflation. In particular, food prices “run” at high rates. As can be seen, prices for dairy products and eggs increased by 24.2%, bread and cereals by 19.3%, meats by 17.3%, intermediate household consumption items by 16.1%.

As can be seen from the comparison of the General Consumer Price Index for the month of October 2022 with the corresponding Index of October 2021, there was an increase of 9.1% against an increase of 3.4% that occurred during the corresponding comparison of 2021 with 2020.

The CPI in October 2022 compared with October 2021, increased by 9.1%. In October 2021, the annual rate of change of the CPI was 3.4%.

The CPI in October 2022 compared with September 2022, decreased by 1.2%. In October 2021, the monthly rate of change of the CPI
was 1.5%.

The average CPI for the twelve – month period from November 2021 to October 2022, compared with the corresponding index for the period November 2020 to October 2021 increased by 9.2%. The annual rate of change of the average CPI between the twelve – month period November 2020 to October 2021 in comparison to the period November 2019 to October 2020 remained unchanged.

Categories that lead in price hikes

The 1.2% decrease of the Overall CPI in October 2022, compared with the corresponding index in September 2022 is, mainly, due
to the changes in the groups of goods and services as follows:

1. A decrease of:

• 11.5% in the group Housing, due to the decrease, mainly, in the prices of: electricity, natural gas, heating oil. This decrease was partly offset by the increase, mainly, in the prices of rentals for dwellings.
• 0.3% in the group Hotel-Cafés-Restaurants, due to the decrease, mainly, in the prices of hotels-motels-inns. This decrease was partly offset by the increase, mainly, in the prices of restaurants-confectioneries-cafes.

2. An increase of:

• 1.3% in the group Food and non-alcoholic beverages, due to the increase, mainly, in the prices of: bread, pasta products and couscous, beef, pork, lamb and goat, fresh whole milk, cheese, olive oil, fresh fruit, fresh vegetables, potatoes. This increase was partly offset by the decrease, mainly, in the prices of fresh fish.
• 3.5% in the group Clothing and footwear, due to the increase in the prices of clothing and footwear.
• 1.6% in the group Household equipment, due to the increase, mainly, in the prices of: non-durable household articles, domestic services.
• 2.1% in the group Transport, due to the decrease, mainly, in the prices of: new motor cars, second hand motor cars, diesel, petrol, tickets for passenger transport by air.
• 0.4% in the group in the group Miscellaneous goods and services, due to the increase, mainly, in the prices of hairdressing salons and personal grooming establishments.