Greece Inflation Eases to 2.7% in July

Greece's inflation rate has cooled off for the second consecutive month, falling to 2.7% in July from 3.9% in June.

The decline was driven by a sharp moderation in energy prices and easing food costs, which had spiked earlier in the year.

The harmonized consumer price index (HICP), used for cross-country comparisons within the European Union, showed a 0.4% monthly fall due to seasonal discounts and lower travel-related costs after the peak summer season.

Greece's inflation rate remains above the pre-pandemic average but is getting closer to the European Central Bank's (ECB) 2% target.