Inflation rose to 3%, on an annual basis, in August, based on the data announced by ELSTAT. The categories: clothing-footwear, hotels-restaurants and housing recorded the highest increases.

According to ELSTAT, the General CPI during the month of August 2024, compared to July 2024, showed an increase of 0.3%, compared to zero change noted during the corresponding comparison of the previous year.

The average CPI for the twelve months September 2023 – August 2024, compared to the corresponding Index for the twelve months September 2022 – August 2023, showed an increase of 2.9%, compared to an increase of 5.5% recorded during the corresponding comparison of the twelve months September 2022 – August 2023 with the twelve months of September 2021 – August 2022.

Analysis of changes

The increase of the General CPI by 3.0% in the month of August 2024, compared to the corresponding Index of August 2023, mainly came from the changes in the following groups of goods and services:

Of the increases in indicators by:

  • 2.8% in the group Food and non-alcoholic beveragesmainly due to price increases in: bread, breakfast cereals, meats (general), fresh fish, olive oil, dried fruits and nuts, fresh vegetables, preserved or processed vegetables, sugar-chocolates-sweets-ice creams, mineral water-soft drinks -fruit juices. Part of this increase was offset by the decrease in prices mainly in: pizzas and pies, dairy and eggs, fresh fruit, frozen vegetables, potatoes, other food.
  • 0.7% in the group Alcoholic beverages and tobaccomainly due to an increase in the prices of alcoholic beverages (not served).
  • 6.2% in the group Clothing and footweardue to price increases in clothing and footwear.
  • 5.5% in the group Housingmainly due to price increases in: house rents, house repair and maintenance, electricity, natural gas, heating oil. Part of this increase was compensated by the reduction of prices mainly in municipal fees.
  • 3.1% in the group Healthmainly due to price increases in: pharmaceutical products, medical-dental and paramedical services, hospital care. Part of this increase was offset by the decrease in prices mainly in medical products.
  • 1.5% in the group Transportationmainly due to price increases in: new cars, car parts and accessories, maintenance and repair of personal transport equipment, other services related to personal transport, air passenger tickets. Part of this increase was offset by the decrease in prices mainly in: used cars, fuel and lubricants.
  • 0.4% in the group Communicationsmainly due to an increase in the prices of telephone services.
  • 1.4% in the group Recreation-Cultural activitiesmainly due to price increases in: small leisure items-flowers-pets, entertainment and cultural services, newspapers-books and stationery, package holidays. Part of this increase was offset by a decrease in prices mainly in audio and video processing equipment.
  • 3.5% in the group Educationmainly due to price increases in: preschool and primary education fees, secondary education fees, higher education fees.
  • 6.6% in the group Hotels-Cafes-Restaurantsmainly due to an increase in prices in: restaurants-patisseries-cafes-canteens, hotels-motels-inns.
  • 1.9% in the group Other goods and servicesmainly due to price increases in: hair salons and personal care stores, other personal items, health insurance premiums, vehicle insurance premiums. Part of this increase was offset by the decrease in prices mainly in other types of personal care.

Of the reductions in indicators by:

  • 0.9% in the group Durable goods-Household goods and servicesmainly due to a decrease in the prices of items of immediate household consumption. Part of this decrease was offset by the increase in prices mainly in: furniture and decorative items, household services