Eurostat: Greek Inflation at 3.2% in August, Eurozone at 2.2%

Inflation in Greece settled at 3.2% for August, while the Eurozone rate dropped to 2.2% from 2.6% in July, according to final data released by the European Union’s Statistical Services, Eurostat.

The CPI index is close to the European Central Bank’s (ECB) target of 2%, allowing for potential further interventions in monetary policy, including additional interest rate cuts to boost growth. A year earlier, the inflation rate stood at 5.2%.

While inflation in Greece persisted, the annual inflation rate for the European Union was 2.4% in August 2024, down from 2.8% in July. A year earlier it stood at 5.9%. The lowest annual rates were recorded in Lithuania (0.8%), Latvia (0.9%), Ireland, Slovenia, and Finland (1.1%). The highest rates were observed in Romania (5.3%), Belgium (4.3%), and Poland (4.0%). Compared to July 2024, annual inflation decreased in twenty member states, remained stable in one, and increased in six.

According to Eurostat, in August 2024, the highest contribution to the annual inflation rate in the Eurozone came from services (+1.88 percentage points), followed by food, alcohol, and tobacco (+0.46 percentage points), non-energy industrial goods (+0.11 percentage points), and energy (-0.29 percentage points).

According to recent data published by the Greek statistical authority (EL.STAT), the consumer price index in the country rose by 3% in August last month – on an annual basis – compared to 2.7% in the previous month, July 2024, and 2.7% in the corresponding month of 2023.

The continuing, month-by-month, inflation rate was fueled by rising costs in housing, healthcare, and telecoms. Conversely, other sectors, such as apparel and transportation, saw price decreases.