Greece: Annual inflation rate in Greece eases to 3% in April 2023; food prices continue to rise

The annual inflation rate in Greece markedly slowed down last month, April 2023, rising by only 3 percent in April, compared from an annual rate of 4.6 percent in March 2023 and the double-digit figure of 10.2 percent in the corresponding month last year.

The significant reduction in the rate of increase reflects shrinking energy prices, which last year surged on the back of a global energy crisis caused by Russia’s invasion of Ukraine.

Conversely, and on an ominous note, food prices continued to rise significantly, with the inflation rate for April 2023 standing at 11.4 percent, the Hellenic Statistical Authority (EL.STAT) announced on Wednesday.

Specifically, price increases were recorded in bread/cereals (13.8 percent), meats (12 percent), fish (4.5 percent), dairy/eggs (19.1 percent), cooking oils (16.2 percent), vegetables (6.2 percent), sugar/chocolate/sweets (11 percent), other foodstuffs (14.6 percent), coffee/tea (12.1 percent), mineral water/juices (8.5 percent) and alcohol (10.1 percent).

The CPI fell 13.4 percent in housing and 1.8 percent in communications.

The consumer price index rose by 0.6 percent in April 2023 from March 2023, after a 2.1-percent hike in the same period last year. Greece’s harmonized inflation rate slowed to 4.5 percent last month, down this year from April 2021, after a 9.1-percent rise recorded in the same months of 2022/2021. The harmonized inflation rate rose by 1.1 percent in April 2023 from March 2023.