Inflation: How it played out in July – Where did prices rise? [πίνακες] – 2024-08-10 01:15:51

Inflation was 2.7% in July compared to 2.3% in June according to ELSTAT data.

In particular, from the comparison of the general consumer price index of the month of July 2024 with the corresponding Index of July 2023, an increase of 2.7% emerged against an increase of 2.5% that occurred during the corresponding comparison of the year 2023 with 2022.

The general consumer price index during the month of July 2024, compared to June 2024, showed a decrease of 0.7%, against a decrease of 1.1% that occurred during the corresponding comparison of the previous year.

The average CPI for the twelve months August 2023 – July 2024, compared to the corresponding Index for the twelve months August 2022 – July 2023, showed an increase of 2.8%.

Food again recorded the biggest annual changes with olive oil rallying 56.7%, cereals gaining +7.4%, fresh fish 8.4% and mineral water/soft drinks (8.6%). On the contrary, reductions on an annual basis are found in flour (-8.9%) and fresh fruit (-9.2%).

A large increase is also recorded in natural gas with +23.4%, as well as the categories of passenger transport by plane +18.4% and Hotels-motels-inns 12.6% as we have entered the heart of the tourist season.

A 14% increase was recorded in health insurance premiums, while a 5.6% increase in vehicles.

Comparison of July 2024 with July 2023

The increase of the General CPI by 2.7% in the month of July 2024, compared to the corresponding Index of July 2023, came mainly from the changes in the following groups of goods and services:

1. From the increases of the indicators by:

• 2.4% in the Diet and non-alcoholic beverages groupmainly due to price increases in: bread, breakfast cereals, meats (general), fresh fish, olive oil, fresh vegetables, preserved or processed vegetables, sugar-chocolate sweets-ice cream, mineral water-soft drinks-fruit juices. Part of this increase was offset by the decrease in prices mainly in: flour and other cereals, dairy and eggs, other edible oils, fresh fruit, potatoes, other food.
• 0.8% in the Alcoholic beverages and tobacco groupmainly due to an increase in the prices of alcoholic beverages (not served).
• 4.3% in the Clothing and footwear groupdue to price increases in clothing and footwear.
• 2.4% in the Housing groupmainly due to price increases in: house rents, house repair and maintenance, natural gas, heating oil. Part of this increase was compensated by the reduction of prices mainly in: municipal fees, electricity.

Prices rose within a month

• 1.9% in the Health groupmainly due to price increases in: pharmaceutical products, medical-dental and paramedical services, hospital care.
• 3.5% in the Transportation groupmainly due to price increases in: new cars, car parts and accessories, fuel and lubricants, maintenance and repair of personal transport equipment, other services related to personal transport, air passenger tickets. Part of this increase was offset by the decrease in prices mainly in used cars.
• 1.7% in the Leisure-Cultural activities groups, mainly due to price increases in: information processing equipment, small leisure items-flowers-pets, entertainment and cultural services, newspapers-books and stationery, package holidays. Part of this increase was offset by a decrease in prices mainly in audio and video processing equipment.
• 3.5% in the Education groupmainly due to price increases in: preschool and primary education fees, secondary education fees, higher education fees.
• 6.7% in the Hotels-Cafes-Restaurants groupmainly due to an increase in prices in: restaurants-patisseries-cafes-canteens, hotels-motels-inns.
• 2.0% in the Other goods and services groupmainly 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.

2. From the reductions of the indicators by:

• 0.2% in the group Durable goods-Household goods and servicesmainly due to a decrease in the prices of items of immediate household consumption. Part of this decrease was offset by the increase in prices mainly in household services.
• 0.3% in the Communications groupmainly due to a reduction in the prices of telephone services

Comparison of July 2024 with June 2024

The decrease of the General CPI by 0.7% in the month of July 2024, compared to the corresponding Index of June 2024, came mainly from the changes in the following groups of goods and services:

1. From the reductions of the indicators by:

• 0.3% in the Alcoholic beverages and tobacco groupmainly due to a reduction in prices for alcoholic beverages (not served).
• 24.0% in the Clothing and Footwear groupdue to the general summer sales.
• 0.7% in the group Durable goods-Household goods and servicesdue to the general summer sales and reduction of
  prices in household items of immediate consumption.
• 0.5% in the Other goods and services groupmainly due to a reduction in prices for other types of personal care. Part
  of this decrease was offset by the increase in prices mainly in hair salons and personal care stores
  care.

2. From the increases of the indicators by:

• 0.3% in the Diet and non-alcoholic beverages groupmainly due to price increases in: bread, breakfast cereals,
  beef, pork, fresh fish, fresh whole milk, yogurt, fresh vegetables. Part of this increase was offset
  from the reduction of prices mainly in: lamb and goat, cheeses, fresh fruit.
• 2.3% in the Housing groupmainly due to price increases in: house rents, electricity.
• 1.5% in the Transportation groupmainly due to price increases in: new cars, fuel and lubricants, tickets
  passenger transport by plane.
• 1.5% in the Hotels-Cafes-Restaurants groupmainly due to an increase in prices in: restaurants-patisseries-cafes-canteens, hotels-motels-inns.

Source: ot.gr