Greece Inflation Eases Further in July
Greece's harmonized consumer price index (HICP) eased to 2.7% in July, down from 3.9% in June, according to data released by the Hellenic Statistical Authority (ELSTAT). This marks the second consecutive monthly decline and brings inflation closer to the European Central Bank's 2% target.
The slowdown was primarily driven by a sharp moderation in energy prices, which had spiked earlier in the year. Food prices also showed signs of easing, though they remain elevated compared to a year ago. Core inflation, which excludes volatile items like energy and food, also cooled, suggesting that underlying price pressures are gradually subsiding.
On a monthly basis, the HICP fell by 0.4% in July, reflecting seasonal discounts and lower travel-related costs after the peak summer season. Greece's inflation rate of 2.7% is slightly above the eurozone average of 2.6%, but the gap has narrowed in recent months as energy prices have stabilized across the region.