Inflation rate in Greece drops slightly in Jan. 23 from previous month; figure stands at 7%

The annual inflation rate in Greece eased, slightly, to 7 percent in January 2023 (on an annualized basis), down from 7.2 percent in December 2022.

The same figure for the corresponding month of 2022 was 6.2 percent.

The decline, albeit marginal, is attributed decreasing electricity rates, as over the past year and a half record high power prices shocked consumers.

However, a more ominous parameter of the announced inflation figure was an increase in foodstuffs by 15.4 percent, now viewed as the biggest threat to Greek households’ disposable incomes.

According to the Hellenic Statistical Authority (EL.STAT), inflation moved at 3 percent for alcohol/tobacco products; 6.5 percent for clothing/footwear; 10.6 percent for durable goods; 2.9 percent in health services; 8.1 percent in transport; 2.2 percent in private education; 7.8 percent in the hospitality sector and 5.4 percent for other goods and services.

The housing index eased by a negligible 0.1 percent, while the telecoms index fell by 1.3 percent in January 2023.

The consumer price index was down by 0.5 percent last month, compared to December 2022, while the harmonized inflation rate increased 7.3 percent in January 2023, compared the corresponding month in 2022.