The consumer price index in October increased by 3.4%, food products – by 9.9%, oils and fats – by 26%

The consumer price index (CPI) in Greece rose 3.4% in October 2023, compared to 1.6% in September and 9.1% in the same month last year.

Specifically, comparing the overall October 2021 CPI with the corresponding October 2020 index resulted in an increase of 3.4%, compared to a 1.8% decrease in the corresponding comparison of 2020 with 2019.

The overall October 2021 CPI, compared to September 2021, showed an increase of 1.5%, compared to an increase of 0.3% in the corresponding comparison of the previous year.

The average CPI for the twelve months from November 2020 to October 2021, compared with the corresponding index for the twelve months from November 2019 to October 2020, was unchanged, compared with a decrease of 0.8% in the corresponding comparison
twelve months November 2019 – October 2020 with twelve months November 2018 – October 2019.

Comparing with the previous year
The increase in the overall CPI in October 2021 by 3.4%, compared with the corresponding index in October 2020, was mainly due to changes in the following groups of goods and services:

1. By increasing the indices by:

• 3.0% in the “Food products and non-alcoholic drinks” group, mainly due to rising prices for bread, beef, lamb and goat meat, poultry, fresh fish, cheeses, olive oil, fresh vegetables, potatoes, coffee-cocoa-tea , sugar-chocolate-ice cream, other food products, mineral water-soft drinks-fruit juices. This increase was partially offset by declines in prices primarily for breakfast cereals, pork, fresh fruit, and canned or processed vegetables.
• 0.4% in the “Clothing and footwear” group due to rising prices for clothing and footwear.
• 11.7% in the Housing group due to rising prices mainly for electricity, natural gas, and heating oil.
• 0.8% in the group “Durable goods – household items and services”, mainly due to rising prices for furniture and decorative items, household services. This growth was partially offset by lower prices, mainly for household appliances and repairs.
• 9.2% in the Transport group, mainly due to rising prices for fuels and lubricants, new cars, and tickets for passenger air travel.
• 0.9% in the Education group, mainly due to rising prices for secondary school education.
• 0.9% in the “Hotels-cafes-restaurants” group, mainly due to rising prices for restaurants-patisseries-cafes, hotels-motels-hotels.

2. From a decrease in indicators by:

• 2.5% in the Communications group, mainly due to lower prices for telephone services.
• 0.4% in the Leisure and Cultural Activities group, mainly due to lower prices for audio and video processing equipment, durable recreational goods. This decline was partially offset mainly by rising prices for recreational goods-flowers-animals.
• 1.3% in the Other goods and services group, mainly due to lower prices for other types of personal care and vehicle insurance premiums.

Price increase compared to September

The increase in the overall CPI by 1.5% in October 2021 compared to the corresponding index in September 2021 was mainly due to changes in prices for the following groups of goods and services:

1. By increasing the indices by:

• 0.1% in the “Food products and non-alcoholic drinks” group, mainly due to rising prices for bread, pasta, poultry, cold cuts, cheeses, olive oil, potatoes, baked goods, jams, honey, coffee, cocoa and tea . This increase was partially offset by lower prices mainly for pork, fresh fish, fresh fruits, fresh vegetables, and canned or processed vegetables.
• 1.5% in the “Clothing and footwear” group due to rising prices for clothing and footwear.
• 7.8% in the Housing sector group, mainly due to rising prices for electricity, natural gas, and heating oil.
• 0.4% in the group “Durable goods – household items and services”, mainly due to rising prices for household services.
• 2.4% in the Transport group, mainly due to rising prices for new cars, fuels and lubricants, and passenger air tickets.
• 0.2% in the Hotels-Cafes-Restaurants group, mainly due to rising prices in restaurants, pastry shops, and cafes.

2. From a decrease in the index by:

• 0.6% in the Other goods and services group, mainly due to lower prices for other types of personal care.

Harmonized consumer price index at 2.8%

At the same time, the Harmonized Index of Consumer Prices (HICP) for October 2021 showed an increase of 2.8% compared to a decrease of 2.0% compared to the corresponding index for October 2020 compared to 2019.

HICP in October 2021 compared to September 2021 showed a growth of 1.1% compared to a growth of 0.2% in the corresponding comparison of the previous year.

The average HICP index for the twelve months of November 2020 – October 2021, compared with the corresponding index for the twelve months of November 2019 – October 2020, showed a decrease of 0.5% compared to a decrease of 0.8% recorded during corresponding comparison of the twelve months of November 2019 – October 2020 with the twelve months of November 2018 – October 2019.

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