Greece economic report: Inflation drops to 2.7% amid high fuel costs

Greece is experiencing diverse economic trends according to recent Eurostat data. Inflation in Greece dropped to 2.7% in July, down from 3.9% in June, marking the largest monthly decrease among the 27 EU member states. Notably, food inflation saw a significant monthly decline of 2.3%.

However, other economic pressures remain. Fuel prices have risen, with unleaded gasoline exceeding 2 euros per liter in several regions, including Crete. Greece also ranks second in the EU for the highest tax burden on gasoline, with taxes and VAT accounting for 61% of the pump price.

Labor and business sectors face challenges as well. Greece recorded the second-highest increase in business bankruptcies in the EU at 31.6% during the second quarter of 2026. Additionally, the average annual salary in Greece stands at 17,954 euros, placing the country 26th in the EU, trailing significantly behind the European average of approximately 39,800 euros.