The rate of inflation rose slightly in January this year and was set at 3,1% from 3,5% last December and compared to 7% in January 2023. The main reason is the drop in energy prices, with a typical reduction in the price of natural gas by 60.2%. On the other hand, food prices continued to increase by 8.3%, where price increases in olive oil (67.4%), fruit (14.2%) and vegetables (14.4%) stand out.
In particular, in one year there were price increases in: Bread and cereals (2%), Meat – in general (6%), Fish – in general (7.7%), Dairy products and eggs (0.9%), Olive oil (67.4 %), Fruits – general (14.2%), Vegetables – general (14.4%), Sugar – chocolates – sweets – ice cream (6%), Other foods (5.8%), Coffee – cocoa – tea ( 5%), Mineral water – soft drinks – fruit juices (11.7%) and Alcoholic drinks – -not served (6%).
Also in: Clothing and footwear (3.5%), House rents (3.6%), Home repair and maintenance (2.4%), Heating oil (1.3%), Solid fuels (8.6% ), Household consumer goods (3.4%), Pharmaceutical products (12.7%), Medical-dental and paramedical services (5.3%), Hospital care (0.9%), New cars (0.5 %), Used Automobiles (4.6%), Auto Parts and Accessories (5%), Maintenance and Repair of Personal Transportation Equipment (4%), Air Passenger Transportation (11.5%), Leisure Durables (3.1 %), Small leisure items – flowers – pets (5.1%), Cinemas – theaters (7.9%), Package holidays (9.3%), Preschool and primary education (4%), Secondary education (3 .6%), Higher education (2.8%), Restaurants-patisseries-cafes-canteens (6.8%), Hairdressers and personal care shops (3.3%), Health insurance premiums (14%) and Vehicle insurance premiums ( 2.1%).
On the contrary, a decrease in prices was recorded in: Natural gas (60.2%), Fuels and lubricants (3.8%), Electricity (0.4%), Telephone services (2.5%), Audio-visual equipment – computers – repairs (1.7%) and ‘Other types of personal care (1.2%).
While, in a monthly comparison, there were price increases in: Cold cuts (5.7%), Fresh fish (1.2%), Yogurt (2.8%), Olive oil (6.8%), Fresh vegetables (2.8%) , Preserved or Processed Vegetables (2%), Alcoholic Beverages – Still Served (3.9%), Electricity (0.7%), Pharmaceutical Products (0.8%), Air Passenger Transport (3.4%), Mobile telephony services (1.6%), Restaurants-patisseries-cafes-canteens (1.5%) and Health insurance premiums (14%).
Conversely, prices decreased in: Pasta (3.3%), Poultry (1.8%), Fresh whole milk (4.4%), Fresh low-fat milk (4.8%), Cheese (1.9 %), Fresh fruit (1.9%), Municipal fees (1.5%), Natural gas (13.5%), Heating oil (1.1%), Textile household products (3.8%), Car fuel – petrol (0.5%) and Hotels – motels – inns (7.4%).
According to ELSTAT, the increase in the general consumer price index in January 2024 came mainly from the changes in the following groups of goods and services:
1. From the increases of the indicators by:
- 8.3% in the “Food and non-alcoholic beverages” group, due to price increases mainly in: bread and cereals, meat (general), fish (general), dairy and eggs, olive oil, fruit (general), vegetables (general) , sugar – chocolates – sweets – ice creams, other food, coffee – cocoa – tea, mineral water – soft drinks – fruit juices.
- 2.6% in the group “Alcoholic beverages and tobacco”, due mainly to an increase in prices of alcoholic beverages (not served).
- 3.5% in the “Clothing and footwear” group, due to price increases in clothing and footwear.
- 1.9% in the “Durable goods – Household goods and services” group, due mainly to an increase in prices of immediate household consumption goods.
- 5.7% in the “Health” group, mainly due to price increases in: pharmaceutical products, medical-dental and paramedical services, hospital care.
- 0.2% in the “Transportation” group, mainly due to price increases in: new cars, used cars, car parts and accessories, maintenance and repair of personal transport equipment, air passenger tickets. Part of this increase was compensated by the decrease mainly in fuel and lubricant prices.
- 2.6% in the “Leisure-Cultural activities” group, due to price increases mainly in: durable leisure goods, small leisure items – flowers – pets, cinemas – theaters, package holidays. Part of this increase was offset by the decrease in prices mainly in audio-visual equipment – computers – repairs.
- 3.5% in the “Education” group, mainly due to price increases in: pre-school and primary education fees, secondary education fees, tertiary education fees.
- 6.4% in the “Hotels-Cafes-Restaurants” group, mainly due to an increase in prices in restaurants-confectioneries-cafes-canteens.
- 1.7% in the “Other goods and services” group, mainly due to price increases in: hair salons and personal care stores, health insurance premiums, vehicle insurance premiums. Part of this increase was offset by the decrease in prices mainly in other types of personal care.
2. From the reduction of the index by:
- 2.7% in the “Housing” group, mainly due to a decrease in prices in: electricity, natural gas. Part of this decrease was offset by the increase in prices mainly in: house rents, house repair and maintenance, heating oil, solid fuels.
- 2.2% in the “Communications” group, mainly due to a decrease in prices for telephone services.
At the same time, the general index showed a decrease of 0.8% in January 2024 compared to December 2023, against a decrease of 0.5% recorded during the corresponding comparison of the previous year.
As regards harmonized inflation, it showed an increase of 3.2% in January 2024 compared to the corresponding index of January 2023, against a 7.3% increase noted during the corresponding comparison in 2023 with 2022. While, in a monthly comparison, it showed a decrease of 0.9% compared to a decrease of 0.5% recorded in the corresponding comparison of the previous year.
Source: RES-MPE
#ELSTAT #Inflation #decreased #January
