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Economy

Greek Annual Inflation Rate at -2.3% in 2020

January 14, 2021

ATHENS — The Greek economy was mired in stagnation in 2020, with the inflation rate falling by 1.2 pct on average in the year after a -2.3 pct reading in December, Hellenic Statistical Authority said on Thursday. The statistics service said that the consumer price index fell 2.1 pct in November after rising by 0.8 pct in December 2019.

On a monthly basis from December to November, price declines were recorded in air travel (14.4 pct), fresh fruit (9.7 pct), vegetables (4.8 pct), alcohol (2.3 pct), pork meat (1.2 pct), personal care (0.8 pct) and telephone services (0.2 pct), while on the other hand, price increases were recorded in heating oil (5.0 pct), fresh fish (4.8 pct), pasta (2.9 pct), lamb/goat (2.8 pct), durable goods (2.8 pct) and fuel-lubricants (1.1 pct).

On an annual basis (December 2020 to December 2019), price declines were recorded in air travel (26.2 pct), natural gas (23.7 pct), heating oil (20.8 pct), combined passenger transport (12.4 pct), railway passenger transport (12.3 pct), fuel-lubricants (10.5 pct), hotels (10.2 pct), road passenger transport (8.8 pct), potatoes (6.8 pct), refreshments (5.8 pct), olive oil 93.8 pct), yoghurt (3.4 pct), wines (3.3 pct), clothing-footwear (3.0 pct), pork meat (2.4 pct), poultry (2.3 pct) and electricity (1.6 pct). On the other hand, price increases were recorded in oils (13.1 pct), vegetables (6.8 pct), fish (95.5 pct), frozen vegetables (3.8 pct), fresh milk (2.5 pct), new cars (1.8 pct), fresh fruit (1.6 pct), cheese (1.3 pct) and bread-cereals (1.1 pct).

The statistics service attributed the decline in the consumer price index in December to declines of 0.4 pct in alcohol/tobacco, 3.0 pct in clothing-footwear, 4.2 pct in housing, 2.4 pct in durable goods, 1.1 pct in health, 7.7 pct in transport, 2.2 pct in communications, 0.4 pct in entertainment, 0.6 pct in hospitality and to increases in food/beverages (0.8 pct).

The consumer price index rose 0.4 pct in December from November, while the average index fell 1.2 pct in 2020 from 2019. Greece's harmonised inflation rate fell 2.4 pct in December, after a -2.1 pct reading in November. On a monthly basis, the harmonised inflation index rose 0.2 pct in December from November, while the average index fell 1.3 pct in 2020 from 2019.

 

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