Figures from the National Statistical Service of Greece (ELSTAT) showed that the consumer price index fell by 0.7% in July, offsetting the June increase (+0.5%). It was the sharpest price drop since January. Economists had expected a 0.2% decrease. In annual terms, consumer price growth accelerated to 2.7% (4-month high) from 2.3% in June. Consensus estimates also suggested an increase of 2.7% per annum. The average CPI for the 12-month period from August 2023 to July 2024 increased by 2.8% per annum.
ELSTAT said that the decrease in monthly terms was due to lower prices for alcoholic beverages and tobacco (-0.3%), clothing and footwear (-24%), household equipment (-0.7%) and miscellaneous goods and services (-0.5%). On the other hand, prices rose for food and non-alcoholic beverages (+0.3%), housing (+2.3%), transport (+1.5%) and hotel-cafes-restaurants (+1.5%).
The data also showed that in July, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Greece with inflation in European countries – fell by 0.5% on a monthly basis and rose by 3.0% per year. The average HICP for the 12-month period from August 2023 to July 2024 increased by 3.1% per year.