Inflation in Greece Decreases: Third Decline in Three Months

In Greece, inflation has decreased for the third consecutive month as of October 2023, falling to 1.6%. With this decline, the country has risen to a significant position among those with the lowest inflation rates, remaining below the Eurozone average of 2.1%.

One of the main drivers of price increases in Greece, the hotel, café, and restaurant sector, recorded an increase of 6.4% in July, which notably decreased to 1.4% in October, playing a major role in the drop in this area. This situation has positively impacted overall consumer spending in the country, becoming an important indicator of economic stability.

On the other hand, the rise in housing, electricity, gas, and fuel prices has also significantly dropped from 8.1% in July to 2.4% in October. This considerable decline has helped improve household expenses and overall living costs, contributing to an increase in the purchasing power of the public.

Additionally, there has been a slight slowdown in prices for basic consumer goods, such as food, clothing, and shoes. This situation signifies a noticeable improvement in the quality of life for Greek consumers. The fiscal policies implemented by the Greek government and fluctuations in global energy prices have played a significant role in these positive developments.

The reduction of inflation to this level in Greece is important for both the domestic market and foreign trade. This situation, which gives signs of economic improvement, can increase investor confidence in the Greek economy and support economic growth. Experts emphasize that if this trend continues, Greece’s economic dynamism will increase, and it may achieve a more robust fiscal structure.