![ELSTAT: Dec. 2023 Inflation Up by 3.5% from Nov. 2023 – Down 0.5% from Dec. 2022](https://www.ot.gr/wp-content/uploads/2024/01/inflation.jpg)
Inflation in December 2023 rose to 3.5% compared to the previous month, according to the Hellenic Statistical Authority (ELSTAT). This figure was half a percentile down in comparison to the respective period of 2022.
The annual average Consumer Price Index (CPI) in 2023 was up by 3.5% in comparison to the 12 months of 2022, while the CPI increased by 9.6% comparing it with 2021.
This data confirms recent figures released by the European Statistical Authority (Eurostat), according to which inflation saw a spike in both Greece and the Eurozone as a whole in December, as costs were up by 2.9% in the common currency bloc in December from 2.4% in November, and 2.9% to 3.7% in Greece during the same months.
In particular, the ELSTAT data indicated a substantial uptick in food costs, including a “biting” 58.5% rise in olive oil, 15% in fruit, and 14% in vegetables.
The price of medicines was up by 11.8%, mineral water by 12.6%, and air tickets by 10%. Notably, natural gas saw a substantial drop of 52.9%, however, it was the only product to record a decline.
The CPI rise in December 2023 was primarily attributed to a change in the costs of the following products and services:
- 8.9% in the Food and non-alcoholic beverages group, primarily due to price hikes in bread and cereals, meats (in general), fish (in general), dairy and eggs, olive oil, fruits (in general), vegetables (in general), confectionery-chocolates-sweets, other food items, coffee-cocoa-tea, and mineral water-soft drinks-fruit juices.
- 2.2% in the Alcoholic beverages and tobacco group, mainly due to an increase in prices for alcoholic beverages (non-served).
- 2.8% in the Clothing and footwear group, attributable to price increases in clothing and footwear items.
- 1.9% in the Durable goods household items and services group, primarily due to price increases in furniture, decorative items and other floor coverings, household consumption items, and household services.
Source: tovima.com
![ot.gr](/wp-content/themes/whsk_otgr/common/imgs/fav.ico/favicon-32x32.png)
![ot.gr](/wp-content/themes/whsk_otgr/common/imgs/fav.ico/favicon-32x32.png)
Latest News
![Gov’t Eyes Return of Power Subsidies Amid Spike in Rates](https://www.ot.gr/wp-content/uploads/2024/07/power-lines-2048x1365-1-600x400.jpg)
Gov’t Eyes Return of Power Subsidies Amid Spike in Rates
According to reports, the government will resume an electricity subsidization program, given that forecasts cite disruptions – i.e. higher rates
![ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock](https://www.ot.gr/wp-content/uploads/2024/07/ot_georg_PROIONTA_money-1-600x352.png)
ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock
The 6.3% rise in May 2024 is largely driven by an 8.8% increase in the crop output group, particularly due to changes in olive oil prices, and a 0.5% increase in the animal output group.
![Balkans Blackout Highlights Climate Threats to Power Grids](https://www.ot.gr/wp-content/uploads/2024/07/blackout-1-600x457.png)
Balkans Blackout Highlights Climate Threats to Power Grids
The surge in electricity demand during the heat wave and the power deficit in Balkan markets have driven up prices in the Greek wholesale electricity market.
![Greece in Top 4 Destinations Favored by European Tourists](https://www.ot.gr/wp-content/uploads/2021/06/ploio-600x400.jpg)
Greece in Top 4 Destinations Favored by European Tourists
Greece was selected by 5.9% of respondents who were asked where they would vacation this year, up from 5.4% in the same survey last year
![Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive](https://www.ot.gr/wp-content/uploads/2024/06/euros-2048x1365-1-600x400.jpg)
Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive
The international ratings firm raised Greece to investment grade in early August 2023
![First Seaplane Test Flights to Skopelos, Alonissos, Skyros](https://www.ot.gr/wp-content/uploads/2024/06/hellenic-seaplanes-pilotikes-ptiseis-ydatino-pedio-lavriou-600x450.jpeg)
First Seaplane Test Flights to Skopelos, Alonissos, Skyros
After decades of on-again, off-again efforts to schedule regular seaplane routes to Greece's numerous island and coastal destinations the prospect now appears within sight
![ELSTAT- Overall Import Price Index for May 2024 up 2.8% y-o-y](https://www.ot.gr/wp-content/uploads/2023/08/unnamed-41.jpg)
ELSTAT- Overall Import Price Index for May 2024 up 2.8% y-o-y
The same price index had decreased 20.8% from May 2022 to May 2023
![Over 7 in 10 Employees Feel Their Contributions Are Not Appreciated](https://www.ot.gr/wp-content/uploads/2024/06/ergasia-ergazomenos-600x300.jpg)
Over 7 in 10 Employees Feel Their Contributions Are Not Appreciated
Specifically, the option "Subjective opinions are prioritized over objective data" ranked highest in importance for young employees, with a score of 3.89 out of 4
![OECD: Job Vacancies on the Rise in Greece](https://www.ot.gr/wp-content/uploads/2024/07/ergasiabusinness-768x556-1-1-600x434.jpeg)
OECD: Job Vacancies on the Rise in Greece
By the fourth quarter of 2023, job vacancies per unemployed person had risen by more than 4, with the index reaching 446 units compared to 100 units in late 2019
![OTE Group: FTTH Program Advancing in Semi-Urban and Rural Areas of Greece](https://www.ot.gr/wp-content/uploads/2024/05/ΟΤΕ-Group_1-600x450.jpg)
OTE Group: FTTH Program Advancing in Semi-Urban and Rural Areas of Greece
This initiative will provide ultra-fast internet speeds of up to 1Gbps to over 350,000 households and businesses in semi-urban and rural areas across the country