Inflation of 9.8% in Greece and a record high of up to 10.7% in the Eurozone


Inflation in Greece slowed down in October, according to data released today by the European Union’s official statistics service, Eurostat.

In particular, on an annualized basis, the consumer price index fell to 9.8% from 12.1% in September, while in Europe it was 10.9% (according to ΕΛΣΤΑΤ). It is worth noting that energy products lead the scale of price growth – 41.9%, followed by food, alcohol and tobacco – 13.1%, non-energy manufactured goods – 6% and services – 4.4%. Among the eurozone countries, the highest annual inflation rate is estimated to be recorded in Estonia, where it will reach 22.4%, followed by Lithuania with 22% and Latvia with 21.8%.

Forecast for Greece

According to the forecasts included in the draft budget, inflation will fall to 3.1% in 2023 from 9.1% in 2022. According to IOBE estimates, prices will remain on an upward trajectory this year, around 9.7%, mainly from – due to strong growth in energy prices, as well as consumer demand. For 2023, subject to price-forming assumptions and trends, strengthening of the overall consumer price index in the region of 4.2%.

As for inflation in Greece, the IMF estimates that it will form – based on the harmonized consumer price index used by Eurostat – at an average level of 9.2% this year, fall to 3.2% in 2023 and then to 1.9% in 2027.



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