The Greek economy moved in conditions of stagnant inflation last year

The Greek economy moved in a state of stagnant inflation last year, as inflation decreased by 1.2% on average, after a decrease of 2.3% last December, from a decrease of 2.1% in November 2020 and against an increase of 0.8% in December 2019.

Between December and November 2020, price reductions were recorded in: Air transport (14.4%), fresh fruit (9.7%), fresh vegetables (4.8%), other foods (2.6%), alcoholic beverages rivers not served (2.3%), pork (1.2%), other personal care items (0.8%) and telephone services (0.2%). On the other hand, price increases were recorded in: Heating oil (5%), fresh fish (4.8%), pasta (2.9%), lamb and goat (2.8%), durable leisure goods (2.8%) and fuels and lubricants (1.1%).

On an annual basis (December 2020 to December 2019), the main price reductions concerned: Air passenger transport (26.2%), natural gas (23.7%), heating oil (20.8%), combined passenger transport (12.4%), rail passenger transport (12.3%), fuel and lubricants (10.5%), hotels (10.2%), road passenger transport (8.8%), potatoes (6, 8%), soft drinks (5.8%), olive oil (3.8%), yogurt (3.4%), wines (3.3%), clothing and footwear (3%), pork (2.4%) ), poultry (2.3%) and electricity (1.6%). On the other hand, the main price increases were recorded in: Other edible oils (13.1%), fresh vegetables (6.8%), fresh fish (5.5%), preserved and processed vegetables (3.8%) ), whole milk (2.5%), new cars (1.8%), fresh fruit (1.6%), cheeses (1.3%) and bread and cereals (1.1%).

According to ELSTAT, the decrease in the general consumer price index in December 2020 was mainly due to changes in the following groups of goods and services:

1. From the reductions of the indicators by:

* 0.4% in the group “Alcoholic beverages and tobacco”, due mainly to a reduction in wine prices.

* 3% in the group “Clothing and footwear”, due to lower prices on clothing and footwear.

* 4.2% in the group “Housing”, due to reduction of prices mainly in: natural gas, heating oil, electricity, solid fuels.

* 2.4% in the group “Durable goods – Household items and services”, due to reduction of prices mainly in: home textiles, household appliances and repairs, glassware – tableware and household utensils, household items.

* 1.1% in the “Health” group, due mainly to a reduction in prices for medicinal products. Part of this decrease was offset by the increase in prices mainly for medical, dental and paramedical services.

* 7.7% in the group “Transportation”, due to reduction of prices mainly in: fuels and lubricants, passenger transport tickets by plane, passenger transport tickets by rail, road passenger transport, combined passenger transport. Part of this reduction was offset by the increase in prices, mainly for new cars.

* 2.2% in the “Communications” group, due mainly to a reduction in prices for telephone services.

* 0.4% in the group “Leisure – Cultural activities”, due to a reduction of prices mainly in: audiovisual equipment – computers – repairs, small leisure items – flowers – pets. Part of this decrease was offset by the increase in prices mainly for durable leisure and cultural goods.

* 0.6% in the group “Hotels-Cafes-Restaurants”, due mainly to reduction of prices in hotels-motels-inns.

* 2.9% in the group “Other goods and services”, due mainly to reduction of prices in: other items of personal care, other personal items.

2. From the increases of the indices by:

* 0.8% in the group “Diet and non-alcoholic beverages”, due mainly to increase in prices of: bread and cereals, fresh fish, raw whole milk, cheeses, other edible oils, fresh fruits, fresh vegetables, preserved or processed vegetables. Part of this increase was offset by the reduction of prices mainly in: pork, poultry, yogurt, olive oil, potatoes, soft drinks.

At the same time, the general index recorded an increase of 0.4% in December 2020 compared to November 2020, compared to an increase of 0.7% in the corresponding comparison of the previous year.

While, the average general index showed a decrease of 1.2% in 2020 compared to the corresponding index of 2019, compared to an increase of 0.3% recorded during the corresponding comparison in 2019 with 2018.

In terms of harmonized inflation, it decreased by 2.4% in December 2020, from a decrease of 2.1% in November 2020 and compared to an increase of 1.1% in December 2019. Between December and November 2020, the harmonized index increased by 0, 2%, compared to an increase of 0.4% in the corresponding comparison in 2019.

While, the average harmonized index showed a decrease of 1.3% compared to the corresponding index of 2019, compared to an increase of 0.5% recorded during the corresponding comparison in 2019.