Greece: Harmonized inflation drops to six-month low in October

Harmonized inflation came in at 9.5% in October, which was down from September’s 12.1%. October's reading represented the lowest inflation rate since April. The decline was driven by moderating price pressures for transportation and housing and utilities. That said, food inflation accelerated further.

The trend pointed up, with annual average harmonized inflation coming in at 8.6% in October (September: 8.1%). Meanwhile, consumer price inflation fell to 9.1% in October, from September’s 12.0%.

Lastly, harmonized consumer prices dropped 1.25% in October over the previous month, contrasting September's 2.96% rise. October's result marked the lowest reading since April.

Our panel sees harmonized inflation averaging 4.9% in 2023, which is down 0.1 percentage points from last month’s estimate. In 2024, our panel sees harmonized inflation averaging 1.8%.