Inflation in Greece slowed to 2.8% in May

The inflation rate in Greece slowed further to 2.8% in May from 3.0% in April and 11.3% in May 2022, reflecting a sharp fall in energy prices exclusively, while food prices rose by 11.6% in the month, Hellenic Statistical Authority said on Friday.

More specifically, price increases were recorded in bread/cereals (11.1%), meat (11.9%), fish (5.2%), dairy/eggs (18%), oil/fat (15.8%), fruit (2.6%), vegetables (9.7%), sugar/chocolate/ice cream (10.3%), coffee/cocoa/tea (13.2%), mineral water/juices (12.9%) and alcoholic drinks (8.3%).

Clothing/footwear also rose (11.8%), along with house rents (4.1%), solid fuel (28.9%), furniture (6.5%), home appliances (6.1%), home services (7.6%), pharmaceuticals (18.6%), medical services (4.9%), new cars (7.5%), used cars (10.5%), motorcycles (7.5%), air travel (27.4%), ship travel (11.2%), holiday packages (7.1%), restaurants (7.4%), hospitality (14.4%), etc.

On the other hand, prices fell in natural gas (49.6%), electricity (24.1%), heating oil (20.7%), fuel (16.8%) and telephone services (2.2%).

The statistics service attributed the 2.8% increase in the consumer price index in May to index increases in food/beverages (11.6%), alcohol/tobacco (3.5%), clothing/footwear (11.8%), durable goods (9.9%), health (7.8%), entertainment (3.3%), education (2.2%), hospitality (7.4%) and other goods and services (6.8%).

Index declines were recorded in housing at 12.9%, transport at 3.1% and communications at 2.3%.

The consumer price index rose 0.4% in May from April 2023, after a 0.7% increase recorded in the same period last year.

The country's harmonised inflation rate was 4.1% in May this year compared with the same month in 2022, after a 10.5% increase recorded in the same months in 2022/2021. On a monthly basis, the harmonised inflation rate rose 0.5% in April from March.

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