Greece’s inflation in October reached 2%, edging up from 1.9% in September, according to figures released by the Hellenic Statistical Authority (ELSTAT). However, the harmonized inflation rate, as measured by Eurostat, stood at 1.7%, placing Greece among the eurozone countries with the lowest price growth.
On a monthly basis, the Consumer Price Index (CPI) increased 0.1% from September. Over the twelve months ending in October, average consumer prices were 2.5% higher than in the previous annual period, showing a slight slowdown from the 2.9% rise recorded a year earlier.
ELSTAT data point to broad price rises across everyday goods and services. The sharpest increases were seen in chocolate (+21.1%), coffee (+19.3%), and meat (+10.6%), while rents rose 8.9% compared to last year.
Meanwhile, olive oil prices dropped by 36.9%, offering relief to households that had seen steep increases in previous months.
The broader food and non-alcoholic beverages category rose 2.3%, mainly due to higher prices in bread, cereals, meat, dairy, and fruit.
Other key contributors included:
- Alcohol and tobacco (+1.8%), led by higher alcohol and cigarette prices.
- Housing (+1.4%), with rent and maintenance costs up, partly offset by cheaper electricity and gas.
- Clothing and footwear (+1.9%), reflecting seasonal trends.
- Health (+0.6%), due to higher costs for medical, dental, and hospital services, partly offset by lower pharmaceutical prices.
- Transportation (+0.7%), mainly from higher prices for new cars, car parts, maintenance, and airfares, offset by declines in used car and fuel prices.
- Communications (+0.8%), driven by more expensive telephone services.
- Recreation and culture (+1.0%), reflecting higher costs for cultural activities, holiday packages, and leisure goods.
- Hotels, cafés, and restaurants (+6.5%), as dining and hospitality costs remained elevated.
While headline inflation remains close to the European Central Bank’s 2% target, the data reveal a mixed picture. Greece’s rate is below that of most eurozone countries, including Spain (3.2%) and Germany (2.3%), according to Eurostat’s Harmonized Index of Consumer Prices (HICP).
Economists note that lower energy prices and falling olive oil costs helped ease pressures, though persistent increases in rents and food continue to squeeze Greek household budgets. For many consumers, daily essentials remain noticeably more expensive.
