Figures from the National Statistical Service of Greece (ELSTAT) showed that the consumer price index rose by 0.1% in December after falling by 0.4% in November. Economists had expected a 0.2% decrease. In annual terms, consumer prices rose 2.6%, accelerating from November (+2.4%) and reaching the highest level since September. Consensus estimates suggested an increase of 2.3% per annum. The average CPI for the 12-month period from January 2024 to December 2024 increased by 2.7% per annum.
ELSTAT said that the increase in monthly terms was due to higher prices for clothing and footwear (+0.4%), housing (+1.0%), transport (+0.2%) and hotel-cafes-restaurants (+0.6%). On the other hand, prices fell for food and non-alcoholic beverages (-0.6%) and alcoholic beverages and tobacco (-0.6%).
The data also showed that in December, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Greece with inflation in European countries – rose by 0.1% on a monthly basis and by 2.9% per year (the lowest value since June). The average HICP for the 12-month period from January 2024 to December 2024 increased by 3.0% per year.