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Greece Inflation May 2023

Greece: Harmonized inflation falls to over one-year low in May

Harmonized inflation eased to 4.1% in May, following April’s 4.5%. May’s figure marked the lowest inflation rate since November 2021. Looking at the details of the release, prices for transportation dropped after growing in the previous month. Moreover, prices for recreation grew at a more subdued pace. That said, prices for food and non-alcoholic beverages increased at a faster rate, while housing and utilities prices declined at a milder rate.

Accordingly, the trend pointed down, with annual average harmonized inflation coming in at 8.2% in May (April: 8.8%). Meanwhile, consumer price inflation edged down to 2.8% in May, from April’s 3.0%.

Finally, harmonized consumer prices increased 0.54% in May over the previous month, slowing down from the 1.11% increase seen in April. May’s result marked the weakest reading since February.

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