Inflation in Greece remained unchanged in February at 3.2%, compared to the Eurozone average which dropped to 2.6%, according to the preliminary estimates by the European Statistical Authority, Eurostat.

It is worth noting that a series of news government measures to combat inflation will take effect today.

The Ministry of Development estimates that prices for “more than 3,000 products” will fall by up to 15%, while the initial prices for most baby formula products (0-6 months) and (6-12 months) age will also be reduced by 15%, directly affecting the shelf price.

In the Eurozone, food, alcohol, and tobacco are expected to have the highest annual rates in February (4.0%, compared to 5.6% in January), followed by services (3.9%, compared to 4.0% in January), non-energy industrial goods (1.6%, compared to 2.0% in January), and energy (-3.7%, compared to -6.1% in January).

Structural inflation

Apart from the fluctuating costs in the food and energy sectors, the core harmonized index of consumer prices (HICP) in the eurozone increased by 3.1% annually last month, after 3.3% in January. On a monthly basis, core inflation rose by 0.7% from January after a monthly decline of 0.9% in the previous month.

The highest inflation in February was in Croatia at 4.8% annually, in Estonia at 4.4%, and in Austria at 4.2%. In contrast, in Latvia, the Consumer Price Index showed an annual increase of just 0.7%, in Italy 0.9%, and in Lithuania 1.1%.