Inflation rate in Greece eases to 2.8% in May 2023; food prices continue to climb, at 11.6%

The decrease reflects a significant drop in energy prices

The inflation rate in Greece eased further in May 2023, recorded at 2.8 percent, compared to 3.0 percent in April 2023 and a double-digit 11.3 percent in May 2022.

The decrease reflects a significant drop in energy prices, according to the Hellenic Statistical Authority (EL.STAT) on Friday.

Conversely, and on an ominous note, food prices continued to climb disproportionately, up by 11.6 percent for the month.

Specifically, price hikes were recorded in bread/cereals (11.1 percent), meat (11.9 percent), fish (5.2 percent), dairy/eggs (18 percent), cooking oils/fat (15.8 percent), fruits (2.6 percent), vegetables (9.7 percent), sugar/chocolate/ice cream (10.3 percent), coffee/cocoa/tea (13.2 percent), mineral water/juices (12.9 percent) and alcoholic beverages (8.3 percent).

Clothing/footwear also rose (11.8 percent), along with home rents (4.1 percent), solid fuels (28.9 percent), furniture (6.5 percent), home appliances (6.1 percent), home services (7.6 percent), pharmaceuticals (18.6 percent), medical services (4.9 percent), new vehicles (7.5 percent), used vehicles (10.5 percent), motorcycles (7.5 percent), air travel (27.4 percent), maritime travel (11.2 percent), holiday packages (7.1 percent), restaurants (7.4 percent), hospitality (14.4 percent), etc.

Conversely, prices for natural gas (-49.6 percent), electricity (24.1 percent), heating oils (-20.7 percent), fuels (-16.8 percent) and telecoms services (-2.2 percent) fell.