In January this year, the industry witnessed a notable drop of 6.4% in import prices compared to January 2023, which had shown a modest increase of 0.4% when compared to corresponding indices from 2023 and 2022.

ELSTAT attributes this decline in what’s termed as “imported inflation” to two key factors; first of all to a significant 8.9% reduction in the import price index from non-eurozone countries and secondly to the 1.2% decrease in the import price index from eurozone countries.

However, despite this decline, the general index showed a positive trajectory, surging by 1.7% in January 2024 compared to December 2023. This stands in stark contrast to the 0.8% decrease observed in the same comparison between indices in 2023 and 2022.