Figures from the National Statistical Service of Greece (ELSTAT) showed that the consumer price index fell 0.3% in May after rising 0.5% in April. This was the first drop in the last four months. Economists had expected a 0.2% decrease. In annual terms, consumer price growth slowed to 2.4% (9-month low) from 3.1% in April. Consensus estimates suggested an increase of 3.1% per annum. The average CPI for the 12-month period from June 2023 to May 2024, increased by 2.8% per annum.
ELSTAT said that the drop in monthly terms was due to lower prices for food and non-alcoholic beverages (-0.5%), alcoholic beverages and tobacco (-0.3%), housing (-0.6%), household equipment (-0.4%), transport (-0.4%) and miscellaneous goods and services (-0.8%). On the other hand, prices rose for clothing and footwear (+0.8%) and hotel-cafes-restaurants (+0.2%).
The data also showed that in May, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Greece with inflation in European countries – fell by 0.3% on a monthly basis and rose by 2.4% per year. The average HICP for the 12-month period from June 2023 to May 2024, increased by 3.1% per year.