Greek Inflation Slows to 2.7%, Energy Costs Remain Elevated

Greece's harmonized annual inflation rate declined to 2.7% in July, down from 3.9% in June and 4.9% in May, according to preliminary figures released by Eurostat.

The decline was largely supported by developments in food and consumer-goods prices, which saw a sharp slowdown in price increases. In fact, the inflation rate for food, alcohol, and tobacco turned slightly negative in July, falling 0.3% after increasing 2.2% in June.

However, energy prices continued to rise at a double-digit annual rate, remaining a significant concern for households, businesses, and Greece's tourism sector. Energy prices increased by approximately 13% from a year earlier, with a slight slowdown from June's 14% increase.