The annual inflation rate in Greece eased to 3.1% in January 2024, down from 3.5% in December 2023 and 7% from the corresponding month of 2023, the Hellenic Statistical Authority (EL.STAT) announced on Thursday.

The statistics authority cited a decline in energy prices, especially a 60.2%-decrease in natural gas prices. Conversely, a continuing surge in food prices reached 8.3%, fueled by cooking oils and fruits. Olive oil, for instance, posted an eyebrow-raising increase, on an annual basis, of more than 60%.

The consumer price index eased by 0.8% in January 2024 from December 2023, while the harmonized inflation rate was 3.2% in January 2023 compared with the corresponding month in 2023, while it fell 0.9% in January 2024 on a monthly basis.