Annual inflation rate in Greece eases to 6.1% in Feb. 2023 on back of slashed power rates; food prices soar by 14.8%

The annual inflation rate in Greece slowed further in February 2023, reaching 6.1 percent, down from 7 percent in January 2023 and 7.2 percent in the corresponding month of 2022, Hellenic Statistical Authority announced on Monday.

Nevertheless, the easing of the inflation rate was primarily attributed to a decrease in electricity rates, whereas the consumer price index for foodstuffs ominously increased by 14.8 percent during the same month.

Specifically, electricity rates fell 22.4 percent in February 2023, compared with the same month last year, while end-of-season heating oil prices fell by 5.1 percent.

Conversely, the price for natural gas prices rose by 37.1 percent, and by 25.3 percent for other fuels.

The breakdown for price hikes in terms of foodstuffs include bread-cereals (16.8 percent), meats (20 percent), fish (2.6 percent), milk-eggs (25.2 percent), cooking oils (22.9 percent), vegetables (8.6 percent), sugar-chocolate-ice cream (9.2 percent), coffee-cocoa-tea (13 percent), mineral waters-beverages-juices (9 percent) and alcohol (7.2 percent).