Inflation was 2.4% in Novemberunchanged from October.

ELSTAT’s data show reduced prices from 1 to 4.6% in pasta, poultry, fish, fruit and oil, while a new increase of 1.1% was noted in rents.

On an annual basis, rents have increased by 7.5%, while the clothing and footwear sector has seen price increases of 7.2%

A large drop of 18.7% was also noted in hotel prices from October to November.

In more detail, as stated in the ELSTAT report:

From the comparison of the General CPI of the month of November 2024 with the corresponding Index of November 2023, there was an increase of 2.4% against an increase of 3.0% that occurred during the corresponding comparison of the year 2023 with 2022.

The General CPI during the month of November 2024, compared to October 2024, showed a decrease of 0.4%, against a decrease of 0.4% also noted during the corresponding comparison of the previous year.

The average CPI for the twelve months of December 2023 – November 2024, compared to the corresponding Index for the twelve months of December 2022 – November 2023, showed an increase of 2.8%, against an increase of 3.8% recorded during the corresponding comparison of the twelve months of December 2022 – November 2023 with the twelve months of December 2021 – November 2022

The decrease of the General CPI by 0.4% in the month of November 2024, compared to the corresponding Index of October 2024, mainly came from the changes in the following groups of goods and services:

1. From the reductions of the indicators by:

– 0.7% in the group Food and non-alcoholic beverages, due to a decrease in prices mainly in: pasta, poultry, fresh fish, oils and fats, fresh fruit, fresh vegetables. Part of this decrease was offset by the increase in prices mainly for cheeses

– 0.6% in the Housing group, mainly due to a reduction in electricity prices. Part of this decrease was offset by the increase in prices mainly in: house rents, natural gas.

– 0.3% in the group Durable goods-Household goods and services, mainly due to a decrease in prices of household appliances and repairs.

– 0.2% in the Transportation group, mainly due to a decrease in prices for air passenger tickets. Part of this reduction was offset by the increase in prices mainly for fuel and lubricants.

– 0.3% in the Leisure-Cultural activities group, mainly due to a decrease in prices in audio-visual equipment – computers – repairs.

– 0.7% in the Hotels-Cafes-Restaurants group, mainly due to a decrease in prices in hotels-motels-inns. Part of this decrease was offset by the increase in prices mainly in restaurants-confectioneries-cafes-canteens.

0.3% in the group Other goods and services, due mainly to a decrease in prices in other items of personal care

2. From the increases of the indicators by:

0.2% in the Clothing and Footwear group, due to price increases in clothing and footwear.

The increase of the General CPI by 2.4% in the month of November 2024, compared to the corresponding Index of November 2023, came mainly from the changes in the following groups of goods and services:

1. From the increases of the indicators by:

– 0.6% in the group Food and non-alcoholic beverages, due to price increases mainly in: bread, breakfast cereals, beef, fresh fish, olive oil, dried fruits and nuts, vegetables (general), sugar-chocolates-sweet ice creams, mineral water-soft drinks-fruit juices. Part of this increase was offset by a decrease in prices mainly in: other bakery and confectionery products, pizzas and pies, pasta, poultry, dairy and eggs, other edible oils, fresh fruit.

– 1.0% in the Alcoholic beverages and tobacco group, mainly due to an increase in prices of alcoholic beverages (not served). • 7.2% in the Clothing and footwear group, due to price increases in clothing and footwear.

– 2.1% in the Housing group, due to an increase in prices mainly in: house rents, house repair and maintenance, electricity. Part of this increase was compensated by the decrease in prices mainly in: heating oil, solid fuels

– 3.6% in the Health group, mainly due to price increases in: pharmaceutical products, medical products, medical, dental and paramedical services, hospital care.

– 1.7% in the Transportation group, mainly due to price increases in: new cars, maintenance and repair of personal transportation equipment, air passenger tickets. Part of this increase was offset by the decrease in prices mainly in: used cars, fuel and lubricants.

– 1.6% in the Communications group, mainly due to an increase in the prices of telephone services.

– 1.4% in the Leisure-Cultural activities group, due to price increases mainly in: information processing equipment, 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, leisure and cultural durables.

– 2.6% in the Education group, mainly due to price increases in: preschool and primary education fees, secondary education fees.

– 6.0% in the Hotels-Cafes-Restaurants group, mainly due to price increases in: restaurants-patisseries-cafes-canteens, hotels-motels-inns

– 2.2% in the Other goods and services group, mainly due to price increases in: hairdressers and personal care stores, other personal items, social protection services, health insurance premiums, vehicle insurance premiums. Part of this increase was offset by the decrease in prices mainly in other types of personal care.

2. From the reductions of the indicators by:

– 0.1% in the group Durable goods-Household items and services, mainly due to a decrease in 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 appliances and repairs, household services.

Meanwhile, the harmonized index of consumer prices (HICP) showed an annual increase of 3% in November 2024.

At the same time, the HICP during the month of November 2024, compared to October 2024, showed a decrease of 1.2% against a decrease of 1.1% which
noted during the corresponding comparison of the previous year.

Finally, the average HICP for the twelve months of December 2023 – November 2024, compared to the corresponding Index for the twelve months of December 2022 – November 2023, showed an increase of 3.1% against an increase of 4.5% noted during the corresponding comparison of the twelve months of December 2022 – November 2023 with the twelve months of December 2021 – November 2022.

You can see the entire ELSTAT inflation report at the link here.

You can see the full ELSTAT report on harmonized inflation at the link here.