Figures from the National Statistical Service of Greece (ELSTAT) showed that the consumer price index rose 0.5% in June, offsetting the May drop (-0.3%). This was the fourth increase in the last 5 months. Economists had expected a 0.3% increase. In annual terms, consumer price growth slowed to 2.3% (10-month low) from 2.4% in May. Consensus estimates suggested an increase of 2.7% per annum. The average CPI for the 12-month period from July 2023 to June 2024, increased by 2.8% per annum.
ELSTAT said that the growth in monthly terms was due to higher prices for food and non-alcoholic beverages (+1.1%), alcoholic beverages and tobacco (+0.4%), clothing and footwear (+1.6%), housing (+0.1%), transport (+0.5%) and hotel-cafes-restaurants (+0.7%). On the other hand, prices fell for household equipment (-0.4%).
The data also showed that in June, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Greece with inflation in European countries – rose by 1.0% on a monthly basis and by 2.5% per year. The average HICP for the 12-month period from July 2023 to June 2024, increased by 3.1% per year.