Annual inflation increased by 2.7% in July, according to ELSTAT. The average Consumer Price Index (CPI) for the twelve months from August 2023 to July 2024, compared to the corresponding Index for the twelve months from August 2022 to July 2023, showed an increase of 2.8%, compared to a 6.2% increase recorded during the previous twelve-month comparison from August 2022 to July 2023 and from August 2021 to July 2022.
In the food sector, the largest increases were observed in olive oil, with a price hike of 56.7% in one year, while cereals (7.4%), fish (8.4%), and mineral water/soft drinks (8.6%) also saw price increases. On an annual basis, decreases were recorded in flour (-8.9%) and fresh fruits (-9.2%).
In the energy sector, natural gas prices increased by 23.4%. Airfare prices rose by 18.4%, and hotel rates by 12.6%. Health insurance premiums increased by 14%.
According to ELSTAT, the 2.7% increase in the General CPI in July 2024, compared to July 2023, was primarily driven by changes in the following groups of goods and services:
- Increases in the indices of:
- 2.4% in the group Food and Non-Alcoholic Beverages, mainly due to price increases in: bread, breakfast cereals, meats (general), fresh fish, olive oil, fresh vegetables, preserved or processed vegetables, sugar-chocolates-sweets-ice creams, mineral water-soft drinks-fruit juices. Part of this increase was offset by a decrease in prices of flour and other cereals, dairy products and eggs, other edible oils, fresh fruits, potatoes, and other foods.
- 0.8% in the group Alcoholic Beverages and Tobacco, mainly due to price increases in alcoholic beverages (non-served).
- 4.3% in the group Clothing and Footwear, due to price increases in clothing and footwear items.
- 2.4% in the group Housing, mainly due to price increases in rent, repair, and maintenance of housing, natural gas, and heating oil. Part of this increase was offset by a decrease in prices in: municipal fees, and electricity.
- 1.9% in the group Health, mainly due to price increases in pharmaceutical products, medical-dental and paramedical services, and hospital care.
- 3.5% in the group Transportation, mainly due to price increases in new cars, car parts and accessories, fuels and lubricants, maintenance and repair of personal transport equipment, other services related to personal transport, and passenger airfares. Part of this increase was offset by a decrease in the prices in used cars.
