Greek inflation rate dropped to 7.0% in January

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Greek annual inflation rate slowed further to 7% in January from 7.2% in December, but remained up compared with 6.2% in January 2022. However, this slowdown mainly reflects a decline in electricity prices while inflation in foods was up 15.4%.

More specifically, Hellenic Statistical Authority said that price increases in the January 2023-January 2022 period were recorded in bread-cereals (18.6%), meat (19.3%), fish (2.5%), dairy-eggs (25%), oil-fat (23.1%), fruit (1.2%), vegetables (10.9%), sugar-chocolate-sweets (9.2%), coffee-cocoa-tea (10.9%), mineral water-beverage-juices (7.8%) and alcohol (7.6%).

Heating oil rose 7.1%, clothing-footwear rose 6.5%, house rents were up 4%, household items rose 15.7%, pharmaceuticals were up 6.1%, new cars rose 10.1%, used cars were up 8.4%, motorcycles rose 10.4%), air transport jumped 52.4%, sea transport rose 26.7%, cinemas-theaters rose 16.9%.

On the other hand, prices fell in electricity (-15.4%), audio-visual (-4.9%) and telephone services (-1.2%).

The statistics service attributed the rise in the consumer price index in January to index increase of 15.4% in food/beverage, 3% in alcohol/tobacco, 6.5% in clothing/footwear, 10.6% in durable goods, 2.9% in health, 8.1% in transport, 3.4% in entertainment, 2.2% in education, 7.8% in hospitality and 5.4% in other goods and services.

The housing index eased 0.1% and the communications index fell 1.3% in January.

The consumer price index eased 0.5% in January from December 2022, while the harmonised inflation rate rose 7.3% in January 2023 compared with January 2022, but fell 0.5% in January from December 2022.

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