Figures from the National Statistical Service of Greece (ELSTAT) showed that the consumer price index rose by 0.3% in August, partially offsetting the July drop (-0.7%). Economists had expected a 0.5% increase. In annual terms, consumer price growth accelerated to 3.0% (5-month high) from 2.7% in July. Consensus estimates suggested an increase of 2.6% per annum. The average CPI for the 12-month period from September 2023 to August 2024 increased by 2.9% per annum.
ELSTAT said that the increase in monthly terms was due to higher prices for food and non-alcoholic beverages (+0,2%), housing (+2,8%), health (+1,4%), communication (+0,3%), hotel-cafés-restaurants (+0,1%), miscellaneous goods and services (+1,1%). On the other hand, prices fell for alcoholic beverages and tobacco (-0.3%), clothing and footwear (-4.6%), household equipment (-0.3%) and transport (-0.8%).
The data also showed that in August, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Greece with inflation in European countries – remained unchanged on a monthly basis and rose by 3.2% per year. The average HICP for the 12-month period from September 2023 to August 2024 increased by 3.1% per year.