Inflation declines to 4.5%
April ended with the Greek economy registering the fourth lowest inflation in the eurozone, an encouraging fact, but not entirely reassuring.
That is because food prices remain at high levels, while now, although energy prices are falling, increases are beginning to appear in a range of services. That an inflationary wave still exists is also confirmed by the fact that both in the eurozone as a whole and in Greece an increase in the harmonized index of consumer prices was recorded on a monthly basis in April 2023 – i.e. compared to March 2023.
A more complete picture for the course of prices in Greece is expected to be available on May 10, when the Hellenic Statistical Authority announces the April data for the national consumer price index.
According to Eurostat estimates, the European Union-harmonized consumer price index in Greece reached 4.5% in April 2023, reverting to the levels of 2021 (4.4% in December 2021). This is the fourth lowest inflation among eurozone member countries, after Luxembourg (2.7%), Belgium (3.3%), Cyprus (3.8%) and Spain (also 3.8%).
On a monthly basis, however, Greece recorded an increase in the harmonized consumer price index by 1.1%, which is the fifth largest increase on a monthly basis among the member-states of the eurozone.
The reduction of energy prices in Greece has played a decisive role in the ongoing slowdown of inflation. According to Eurostat data, energy inflation was negative in Greece in April (-17.8%), which was also observed in Belgium and the Netherlands and to a lesser extent in Croatia and Cyprus.
On the eurozone level, inflation in April is estimated to have closed at 7% compared to 6.9% in March, while on a monthly basis it is estimated that the harmonized index of consumer prices increased by 0.7%.
Food prices rose 13.6% year-on-year in the eurozone, from 15.5% in March, energy prices rose by 2.5% against a 0.9% decline in March, and the cost of services grew 5.2%, from a 5.1% increase in March.
