Inflation in December 2023 rose to 3.5% compared to the previous month, according to the Hellenic Statistical Authority (ELSTAT). This figure was half a percentile down in comparison to the respective period of 2022.

The annual average Consumer Price Index (CPI) in 2023 was up by 3.5% in comparison to the 12 months of 2022, while the CPI increased by 9.6% comparing it with 2021.

This data confirms recent figures released by the European Statistical Authority (Eurostat), according to which inflation saw a spike in both Greece and the Eurozone as a whole in December, as costs were up by 2.9% in the common currency bloc in December from 2.4% in November, and 2.9% to 3.7% in Greece during the same months.

In particular, the ELSTAT data indicated a substantial uptick in food costs, including a “biting” 58.5% rise in olive oil, 15% in fruit, and 14% in vegetables.

The price of medicines was up by 11.8%, mineral water by 12.6%, and air tickets by 10%. Notably, natural gas saw a substantial drop of 52.9%, however, it was the only product to record a decline.

The CPI rise in December 2023 was primarily attributed to a change in the costs of the following products and services:

  • 8.9% in the Food and non-alcoholic beverages group, primarily due to price hikes in bread and cereals, meats (in general), fish (in general), dairy and eggs, olive oil, fruits (in general), vegetables (in general), confectionery-chocolates-sweets, other food items, coffee-cocoa-tea, and mineral water-soft drinks-fruit juices.
  • 2.2% in the Alcoholic beverages and tobacco group, mainly due to an increase in prices for alcoholic beverages (non-served).
  • 2.8% in the Clothing and footwear group, attributable to price increases in clothing and footwear items.
  • 1.9% in the Durable goods household items and services group, primarily due to price increases in furniture, decorative items and other floor coverings, household consumption items, and household services.