In December 2023, inflation in Greece settled at 3.7%, as reported by Eurostat, while the eurozone experienced a slightly lower rate of 2.9%.

Comparatively, according to Eurostat measurements, inflation in the prior months in Greece was as follows: 2.9% in November, 3.8% in October, and 2.4% in September. Meanwhile, in the eurozone, inflation moderated to 2.4% in November from 2.9% in October.

Across the entire European Union, inflation in November reached 3.1%, down from 3.6% in October.

Notably, Germany, the largest economy in Europe, witnessed a surge in inflation, rising at an annual rate of 3.8% in December from 2.3% the previous month, according to the harmonized consumer price index released by the federal statistical office on Thursday

The reduction in government subsidies for natural gas, electricity, and food initiated last year has reignited inflation in many parts of Europe.

In France, the second-largest economy in the eurozone, an uptick of inflation in December was reported, as service prices accelerated and energy costs soared following the government’s reduction in household support measures. The annual reading of 4.1% was higher than November’s 3.9%, according to data published on Thursday.