Inflation was 3.2% in March, from 2.9% in February, according to ELSTAT. At the same time, food inflation “ran” at a rate of 5.3% from 6.7% in the previous month.
However, on a monthly basis, food inflation recorded a slight drop of 1.1% from February to March.
Based on the fact that March was the first month that the government’s anti-punctuality measures were in place, the price performance relative to February is interesting.
In one month, an increase of 17.5% is recorded in the prices of air tickets, and by 14.6% in hotels.
In the food sector, prices were lower by 6.3% for fresh vegetables, 5.4% for fish, 2.7% for household items, 2.1% for pork. Prices were lower by 2% in bakery products and 3% in preserved vegetables.
At the same time, on an annual basis, olive oil is rallying with increases of 67.2%, while fruit prices are 12.7% higher. Soft drinks and juices are 11.4% more expensive, while price increases of 5.7% are recorded in fish.
Also, there was a 14% increase in health insurance premiums, 12.4% in heating oil and 8.6% in the holiday package.
It is recalled that the harmonized index rose again to 3.4% in March from 3.1% in February, according to Eurostat data.
At the same time, eurozone inflation stood at 2.4% in March from 2.6% in February, moving in the opposite direction to Greek inflation, which remains above the eurozone average for the 6th consecutive month.
Also, Greece recorded the 5th largest price increase, with worse performances coming from Croatia, Austria, Estonia and Belgium. Despite the further slowdown in food, alcohol and tobacco prices, their growth rate in Greece (4.8% in March from 5.8% in February) is almost double that of the Eurozone, where it fell to 2.7% from 3.9% in February.
New initiatives
The Ministry of Development plans to take new initiatives in the fight against punctuality, especially for products necessary for household living.
The planned changes concern the platform of the Market Observatory e-katanalotis.gov.gr, with the Minister of Development Kostas Skrekas emphasizing in his recent statements that “in the next period we will upgrade the ‘e-Consumer’ so that a household before leaving the home to create his own list of products and see in the stores around his home where he can buy that list cheaper.”
Mr. Skrekas characterized punctuality as the number one problem facing the Greek family today. “It is an issue that does not only concern Greece, it concerns the whole planet as inflation is something that affects everyone. Especially in Greece, where after the crisis the purchasing power of households and also the income has not yet reached where we want it to reach, this makes it even more difficult for households”.
The domains
The increase of the General CPI by 3.2% in the month of March 2024, compared to the corresponding Index of March 2023, mainly came from the changes in the following groups of goods and services:
Of the increases in indicators by:
-5.3% in the group Food and non-alcoholic beverages, due to price increases mainly in: bread and cereals, meats (general), fish (general), olive oil, fruits (general), vegetables (general), sugar-chocolates- sweets-ice creams, other foods, mineral water-soft drinks-fruit juices. Part of this increase was offset by the decrease in prices mainly in dairy and eggs.
-1.8% in the group Alcoholic beverages and tobacco, due mainly to an increase in prices of alcoholic beverages (not served).
-5.8% in the Clothing and footwear group, due to price increases in clothing and footwear.
-0.6% in the Housing group, due to an increase in prices mainly in: house rents, house repair and maintenance, heating oil, solid fuels. Part of this increase was compensated by the decrease in prices mainly in: electricity, natural gas.
-4.4% in the Health group, mainly due to price increases in: pharmaceutical products, medical-dental and paramedical services, hospital care.
-2% in the Transportation group, due to price increases mainly in: new cars, used cars, car parts and accessories, fuel and lubricants, maintenance and repair of personal transport equipment, air passenger tickets.
-3.3% in the Leisure-Cultural activities group, due to price increases mainly in: information processing equipment, small leisure items-flowers-pets, sports and leisure activities, cinemas-theatres, package holidays.
-3.5% in the Education group, mainly due to price increases in: preschool 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-patisseries-cafes and canteens, hotels-motels-inns.
-1.3% in the Other goods and services group, mainly due to price increases in: hair salons and personal care stores, other personal items, health insurance premiums, vehicle insurance premiums. Part of this increase was offset by the decrease in prices mainly in other types of personal care.
Of the reductions in indicators by:
-1.8% in the Communications group, mainly due to a decrease in prices for telephone services.
Source: ot.gr
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