Greek inflation slowed to 6.1% in February, electricity prices fall 22,4%

The Greek annual inflation rate slowed further to 6.1% in February from 7% in January and 7.2% in February 2022, Hellenic Statistical Authority said on Monday. However, this development is attributed solely to a drop in electricity prices while the consumer price index in foods and food items jumped 14.8% in the month.

More specifically, electricity prices fell 22.4% in February, compared with the same month last year, and heating oil prices eased 5.1%. On the other hand, prices rose 37.1% in natural gas, 25.3% in solid fuel and 2% in fuel-lubricants. Price increases were recorded in bread-cereals (16.8%), meat (20%), fish (2.6%), milk-eggs (25.2%), olis (22.9%), vegetables (8.6%), sugar-chocolate-ice cream (9.2%), other foods (13.1%), coffee-cocoa-tea (13%), mineral water-beverages-juice (9%) and alcohol (7.2%). Price increase were also recorded in clothing-footwear (7.1%), house rent (4%), household services (7.5%), pharmaceuticals (8.4%), motorcycles (8.4%), car accessories/parts (10.7%), taxi transport (32.9%), air transport (47.6%), ship transport (26.7%), cinemas-theatre (18.8%), hotels (5.9%), holiday packages (13.9%), education (2.6%) and restaurants (8.1%). Only telephone services recorded a decline (-1.5%).

On a monthly comparison (February to January 2023), natural gas prices fell 21.6%, heating oil fell 3.9% and diesel oil eased 3.2%. On the other hand, fuel prices rose 1.4% and electricity was up 0.3%.

The 6.1% increase in the consumer price index in February attributed to index increases of 14.8% in food/beverages, 2.9% in alcohol/tobacco, 7.1% in clothing/footwear, 10.5% in durable goods, 5.3% in health, 6.5% in transport, 3.5% in entertainment, 2.2% in education, 8.1% in hospitality, 5.8% in other goods and services. Index decreases were recorded in housing (4.9%) and communucations (1.6%).

The consumer price index rose 0.3% in February from January 2023, after an 1.1% increase recorded in the same period last year.  Harmonised inflation rose 6.5% in February, compared with the same month in 2022, after a 6.3% increase recorded in the same months in 2022/2021. The harmonised inflation rate rose 0.2% in February from January 2023.