Figures from the National Statistical Service of Greece (ELSTAT) showed that the consumer price index fell by 0.4% in November, partially offsetting the October increase (+0.6%) and recording the first decline in the last 4 months. Economists had expected a 0.4% increase. In annual terms, consumer prices rose 2.4% after a similar increase in October. Consensus estimates suggested an increase of 2.5% per annum. The average CPI for the 12-month period from December 2023 to November 2024 increased by 2.8% per annum.
ELSTAT said that the decrease in monthly terms was due to lower prices for food and non-alcoholic beverages (-0.7%), housing (-0.6%), household equipment (-0.3%), transport (-0.2%), recreation and culture (-0.3%), hotel-cafes-restaurants (-0.7%) and miscellaneous goods and services (-0.3%). On the other hand, prices rose for clothing and footwear (+0.2%).
The data also showed that in November, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Greece with inflation in European countries – fell by 1.2% on a monthly basis and rose by 3.0% per year. The average HICP for the 12-month period from December 2023 to November 2024 increased by 3.1% per year.