Greece inflation rises to 3.7% in August driven by energy and services

Inflation in Greece rose to 3.7% in August, up from 2.7% in July, according to Eurostat data. This increase represents the sixth highest rate among Eurozone countries, where the average inflation stood at 3.3%.

The primary drivers for the uptick were energy and services. Energy prices in Greece saw a yearly increase of 15.3%, compared to the Eurozone average of 14.3%. Services also experienced significant pressure, with an annual increase of 4.6% in Greece, driven largely by high seasonal demand in the tourism sector.

In contrast, food prices did not record increases during this period, partly due to price freezes and a mild summer that prevented major fluctuations in fruit and vegetable costs. Despite government measures such as fuel subsidies and price reductions on certain supermarket products, the cumulative increase in the general price level in Greece has reached 24.6% since 2019.