Inflation stood at 2.9% in February compared to 3.1% in January, adding to the government’s concern about the new dynamics of price appreciation that is developing, as reported by ot.gr.
Consumers in Greece are feeling even more financially stressed as despite the small deceleration in inflation compared to January is estimated, food prices remain high.
Food inflation continues to move rapidly as it stood at 6.7%. An increase of 63.4% was recorded in olive oil and 12.3% in fruit. The price increases are 13.8% in mineral water-soft drinks and fruit juices. At the same time, health insurance premiums are running at 14%.
According to the data of ELSTAT, from the comparison of the General CPI of the month of February 2024 with the corresponding Index of February 2023, an increase of 2.9% resulted against an increase of 6.1% that occurred during the corresponding comparison of the year 2023 with 2022.
The General CPI during the month of February 2024, compared to January 2024, showed an increase of 0.1%, against an increase of 0.3% that occurred during the corresponding comparison of the previous year. The average CPI for the twelve months of March 2023 – February 2024, compared to the corresponding Index for the twelve months of March 2022 – February 2023, showed an increase of 2.9%, against an increase of 9.6% recorded during the corresponding comparison of the twelve months of March 2022 – February 2023 with the twelve months of March 2021 – February 2022.
The main issue remains the continued price increases in basic products, which affect consumers.
From the table we can see that there is an increase of 63% in olive oil, 14% in insurance premiums, olive oil, 13.8% in mineral water, 12.3% in fruit
On the other hand, 52% lower than February 2023 are natural gas prices.
Comparison of February 2024 with February 2023
The increase of the General CPI by 2.9% in the month of February 2024, compared to the corresponding Index of February 2023, came mainly from the changes in the following groups of goods and services:
1. From the increases of the indicators by:
- 6.7% in the group Food and non-alcoholic beverages, due mainly to price increases in: bread and cereals, meats (general), fish (general), olive oil, fruits (general), vegetables (general), sugar-chocolates-sweets -ice creams, other foods, coffee-cocoa-tea, mineral water-soft drinks-fruit juices. Part of this increase was offset by the decrease in prices mainly in dairy and eggs.
- 2.4% in the group Alcoholic beverages and tobacco, due mainly to an increase in prices of alcoholic beverages (not served).
- 1.3% in the Clothing and Footwear group, due to price increases in clothing and footwear.
- 1.6% in the group Durable goods-Household goods and services, due to an increase in prices mainly in: furniture and decorations, household goods of immediate consumption, household services.
- 3.5% in the Health group, mainly due to price increases in: pharmaceutical products, medical-dental and paramedical services, hospital care. Part of this increase was offset by the decrease in prices mainly in medical products.
- 0.5% in the Transportation group, mainly due to price increases in: new cars, used cars, car parts and accessories, maintenance and repair of personal transportation equipment. Part of this increase was offset by the decrease in prices mainly in fuel and lubricants, air passenger tickets.
- 2.9% in the Leisure-Cultural activities group, due to price increases mainly in: information processing equipment, small leisure items-flowers-pets, cinemas-theatres, package holidays.
- 3.5% in the Education group, mainly due to price increases in: pre-school and primary education fees, secondary education fees, tertiary education fees.
- 6.5% in the Hotels-Cafes-Restaurants group, mainly due to an increase in prices in: restaurants-patisseries-cafes-canteens, hotels-motels-inns.
- 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.
Of the reductions in indicators by:
- 0.3% 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.
- 1.9% in the Communications group, mainly due to a decrease in prices for telephone services.
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