Inflation picked up in August, with the consumer price index rising 3.8% year-on-year after easing to 3.4% in July, according to data released by the Greek national statistics authority (ELSTAT). The hike was primarily driven by energy costs, which surged across nearly every category.
Heating oil prices climbed 53.6% year on year, natural gas rose 40.2%, diesel jumped 30.6% and gasoline was up 15.3%. The housing category as a whole posted a 9.7% annual increase, reflecting not only higher energy costs but also a 6.2% rise in rents and higher charges for home repair and maintenance services. Electricity prices were the only offset within the category, posting a decline.
Transport costs rose 7.7% year-on-year, driven by the surge in fuel prices, vehicle maintenance and a jump in airfares. Used car prices fell, providing a partial counterweight.
Food and services add to the pressure
Food and non-alcoholic beverages rose 0.9% on the month, with broad-based increases across bread and bakery products, beef, pork, lamb, goat, poultry, fresh and frozen fish, cheese, eggs, margarine and other vegetable fats. Lamb, goat and fish prices rose 11.5% on the year. Partially offsetting those increases were lower prices for olive oil, fresh fruit and vegetables, ice cream and pre-prepared meals.
Hotels, cafes and restaurants posted a 6% annual increase, a significant figure in a country where tourism is a pillar of the economy and eating out is deeply embedded in daily life. Clothing and footwear rose 5.3%.
Health costs were up 1.3%, with higher prices for medical products and outpatient and hospital care, partly offset by a decline in pharmaceutical prices. Education fees rose 2.8%, covering both pre-primary and secondary school tuition. Insurance and financial services were up 3.4%, with vehicle and health insurance premiums driving the increase.
The 12-month picture
On a month-on-month basis, the general CPI rose 0.4% in August compared with a 0.1% increase over the same period a year earlier.
The average CPI for the 12 months through August 2026 rose 3.4%, compared with 2.6% for the equivalent period a year earlier, confirming that inflation in Greece has been rising consistently, rather than spiking in isolation.
Not everything went up. Communication costs fell 2.6%, driven by lower mobile phone charges and bundled telephone packages, while alcohol and tobacco prices edged down 0.6%.
Source: OT.gr
