Greece grapples with soaring inflation and concentrated summer tourism

Eurostat data show that Greece’s annual inflation accelerated to 4.6% in May, placing the country fourth among OECD members and keeping overall inflation above 5% (5.2%). Energy prices in the OECD rose to 15.8% year‑on‑year, with Greece among the nations facing the sharpest hikes.

Domestic price pressures are pronounced: in June, food, energy and services prices surged, pushing Greece’s overall inflation to 3.9%—well above the Eurozone average of 2.8%. Energy costs jumped 15%, almost double the euro‑area mean, while raw‑food prices rose 6%, the third‑largest increase in the bloc.

Tourism remains highly seasonal. Eurostat reports that 41.6% of all overnight stays in Greek accommodation occur in July and August, the highest share among EU members and the third‑largest concentration overall. The stark contrast—August bookings are 20.5 times those of January—highlights the ongoing challenge of tourism seasonality for the Greek economy.