Greek inflation rate slowed to 3.0% in November

Greek inflation slowed further to 3.0% in November from 3.4% in October and 8.5% in November last year, Hellenic Statistical Authority said on Friday. This development reflected mostly a decline in natural gas prices (-53.2%) and in fuel-lubricants, while price increases continued in food items (+9%, with olive oil up 31.4%) and other product and services.

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More specifically, price increases were recorded in bread-cereals (3.3%), meat (8.1%), fish (9.5%), dairy-eggs (4.8%), oil-fat (31.4%), fruit (12%), vegetables (10.8%), sugar-chocolate-sweets (7.6%), coffee-tea (6.8%), mineral water-beverage-juices (13.3%) and alcohol (5.9%). Other price increases were recorded in clothing-footwear (6.4%), housing rents (5.1%), electricity (0.7%), heating oil (6%), solid fuels (9.9%), pharmaceuticals (11.8%), medical services (5.3%), used cars (5.8%), air travel (3.8%), cinemas-theaters (10.3%), holiday packages (8.8%), hairdressers (2.9%), health insurance (5.7%).

On the other hand, prices fell in natural gas (53.2%), fuel-lubricants (9.3%), telephone services (3.5%), audio-visual (5%) and hotels (3%).

The statistics services attributed the November reading of the consumer price index to price increases in food/beverages (9%), alcohol (2.6%), clothing-footwear (6.4%), durable goods (1.5%), health (5.5%), entertainment (2.8%), education (3.5%), hospitality (4.7%) and other goods and services (1.9%). Declines were recorded in housing (-1.2%), transport (-2.7%) and communications (-3.2%).

The consumer price index fell 0.4% in November from October 2023. The country's harmonised inflation rate slowed to 2.9% in November from 8.8% in November 2022. On a monthly basis, harmonised inflation fell 1.1% in November from October 2023.