ΕΛΣΤΑΤ: what prices went up and down

Inflation showed a new slight slowdown, based on data released by ΕΛΣΤΑΤ in February, and amounted to 6.1% compared to 7.2% in January. However, the food price index remained high for another month, now at 14.8%, which proves that the accuracy of food is the Achilles’ heel of the economy, not only in Greece, but throughout Europe, since the picture is similar there.

According to ΕΛΣΤΑΤ data, the general consumer price index (CPI) in February 2023 compared to January 2023 showed an increase of 0.3% against an increase of 1.1% noted in the corresponding comparison of the previous year. On an annualized basis, natural gas prices increased by 37.1% and solid fuels by 25.3%, which led to higher transport costs.

The 14.8% annual increase in the cost of food is significant. In particular, prices for meat increased by 20%, for bread – by 16.8%, and for dairy products and eggs – by more than 25%. The cost of butter and fats increased by 22.9% year on year, with growth of more than 13% also recorded in other food and coffee-cocoa-tea categories.

The average CPI for the twelve months from March 2022 to February 2023, compared to the corresponding index for the twelve months from March 2021 to February 2022, showed an increase of 9.6% (compared to an increase of 2 .6% recorded in the corresponding comparison of twelve months).

The increase in the overall consumer price index by 6.1% in February 2023 compared to the corresponding indicator in February 2022 was mainly due to changes in the following groups of goods and services:

Increase:

• 14.8% in the “Food and non-alcoholic beverages” category, mainly due to an increase in prices for bread and cereals, meat (in general), fish (in general), dairy products and eggs, oils and fats, vegetables (in general ), sugar-chocolate-sweet ice cream, other products, coffee-cocoa-tea, mineral water-soft drinks-fruit juices.
• 2.9% in the “Alcoholic drinks and tobacco products” category, mainly due to an increase in alcohol prices.
• 7.1% in the category “Clothes and shoes” due to the increase in prices for clothes and shoes.
• 10.5% in the Durable Goods-Household Goods and Services category due to rising prices, mainly for household appliances and repairs, tableware and household utensils, household goods for immediate consumption, household services.
• 5.3% in the category “Health”, mainly due to the increase in prices for pharmaceutical products, medical products, medical, dental and paramedical services, inpatient treatment.
• 6.5% in the category “Transport”, mainly due to rising prices for new cars, used cars, mopeds-motorcycles, auto parts and accessories, fuels and lubricants, maintenance and repair of personal vehicles, taxi tickets, tickets for passenger transport by plane, ferry tickets.
• 3.5% in the Leisure-Cultural Events category, mainly due to higher prices for small leisure items-flowers, pet care, cinema-theater tickets, stationery and design materials, and travel packages.
• 2.2% in the category “Education”, mainly due to higher fees for primary and secondary education.
• 8.1% in the category Hotels-Cafes-Restaurants, mainly due to price increases in restaurants, confectionery-cafes, canteens, hotels-motels-hotels.
• 5.8% in the category “Other goods and services”, mainly due to higher prices for services in hairdressing and beauty salons, for personal hygiene items, in health insurance premiums.

Reduction:

• 4.9% in the category “Housing”, mainly due to lower prices for electricity, fuel oil. Part of this growth was offset by rising prices mainly for rental housing, home repairs and maintenance, utilities, natural gas, solid fuels.
• 1.6% in the “Communication” category, mainly due to lower prices for telephone services.

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