Figures from the National Statistical Service of Greece (ELSTAT) showed that the consumer price index rose by 0.6% in October, slowing compared to September (+1.8%). It was the third monthly increase in a row. Economists had expected a 0.7% increase. In annual terms, consumer price growth slowed to 2.4% (4-month low) from 2.9% in September. Consensus estimates suggested an increase of 2.9% per annum. The average CPI for the 12-month period from November 2023 to October 2024 increased by 2.9% per annum.
ELSTAT said that the increase in monthly terms was due to higher prices for clothing and footwear (+1.2%), household equipment (+0,9%), transport (+0,1%), communication (+0,5%), recreation and culture (+0,6%) and hotel-cafés-restaurants (+0,2%). On the other hand, prices fell for alcoholic beverages and tobacco (-0,3%), housing (-0,8%) and miscellaneous goods and services (-0,6%).
The data also showed that in October, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Greece with inflation in European countries – rose by 0.1% on a monthly basis and by 3.1% per year. The average HICP for the 12-month period from November 2023 to October 2024 increased by 3.1% per year.