ECONOMY

No end to deflation in October

no-end-to-deflation-in-october

Greek prices continued their decline in October for a seventh consecutive month, as the cost of fuel, air tickets and hotel rooms remained at particularly low levels due to the pandemic. On the other hand, the trend of price rises continued in a series of product categories such as fresh and packaged food – making everyday life that much more difficult, mainly for those on lower incomes, in a recessionary period.

According to the data published by the Hellenic Statistical Authority (ELSTAT) on Tuesday, Greece’s headline consumer price index recorded a 1.8% decline last month compared to October last year.

That decline is mainly attributed to the 7.2% annual decrease in prices in the transport category, driven by the drop seen in fuel and lubricants (11.1%), air passenger tickets (18.8%), rail passenger tickets (12.3%) and road passenger transport (8.8%). Housing costs were down 4.6%, with natural gas falling 24.6%, heating oil sliding 23.4%, and electricity slipping 1.6%.

The category of food and non-alcoholic beverages went the other way, posting 1.9% growth, with fruit becoming 13.4% more expensive, followed by vegetables (8.9%).