The inflation rate in Greece settled at 3.8 percent in October 2023, according to Eurostat’s final data, down from a provisional figure of 3.9 percent, but still higher than the Eurozone average.

According to the national statistics authority (EL.STAT) earlier in the week, inflation in Greece last month stood at 3.4 percent – on an annual basis – up by nearly two percentage points compared to the preceding month, September 2023. This increase is attributed to higher food prices, with the annual inflation rate for the specific sector approaching double-digit “territory”.

The inflation rate in the Eurozone eased to 2.9 percent last month, down from 4.3 percent in September 2023, indicating improved price stability across the Eurozone.

Inflationary pressure on supermarket shelves in the east Mediterranean country caused an eyebrow-raising 26-percent increase in cooking oils; 20.5 in fruits; 12.3 in vegetables, 14.3 in juices and bottled water and 9.1 percent in other food items.