The inflation rate in Greece was recorded at -2 percent in September of 2020.

Inflation Rate in Greece averaged 8.11 percent from 1960 until 2020, reaching an all time high of 33.70 percent in January of 1974 and a record low of -2.90 percent in November of 2013. This page provides the latest reported value for - Greece Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Greece Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020.

Inflation Rate in Greece is expected to be -1.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Greece to stand at 1.00 in 12 months time. In the long-term, the Greece Inflation Rate is projected to trend around 2.00 percent in 2021 and 1.70 percent in 2022, according to our econometric models.

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Greece Inflation Rate

Actual Previous Highest Lowest Dates Unit Frequency
-2.00 -1.90 33.70 -2.90 1960 - 2020 percent Monthly
2009=100, NSA

Calendar GMT Actual Previous Consensus TEForecast
2020-07-10 09:00 AM Jun -1.6% -1.1% -0.7%
2020-08-07 09:00 AM Jul -1.8% -1.6% -1.7%
2020-09-10 09:00 AM Aug -1.9% -1.8% -1.6%
2020-10-09 09:00 AM Sep -2% -1.9% -1.7%
2020-11-10 10:00 AM Oct -2%
2020-12-10 10:00 AM Nov

News Stream
Greece Deflation Highest in 5 Years
Consumer prices in Greece fell 1.9 percent year-on-year in August of 2020, following a 1.8 percent drop in July and marking the 5th straight month of deflation. It is the biggest fall in consumer prices since July of 2015, mainly due to cost of transport (-8.5 percent), namely fuels and lubricants and tickets for passenger transport by air, railway and road; housing (-4.5 percent), namely heating oil and natural gas; and miscellaneous goods and services (-1.9 percent). In contrast, food inflation edged up to 1.9 percent and prices of clothing and footwear increased 2.8 percent. On a monthly basis, consumer prices dropped 0.6 percent.
Greek Consumer Prices Fall the Most since 2015
Greece's consumer prices decreased 1.8 percent from a year earlier in July of 2020, following a 1.6 percent fall in the previous month. It was the fourth consecutive decline in consumer prices and at the steepest rate since July of 2015. Main downward pressure came from prices of transport (-9.1 percent, the same pace as in June); housing (-4.5 percent, the same pace as in June); recreation & culture (-1.2 percent, the same pace as in June); communication (-1.8 percent vs -2.4 percent) and household equipment (-0.9 percent vs -1.2 percent). In addition, food inflation slowed (1.8 percent vs 3.6 percent). On a monthly basis, consumer prices went down 1.7 percent, after being flat in the previous month.
Greek Deflation Deepens in June
Greece's consumer price fell 1.6 percent from a year earlier in June 2020, following a 1.1 percent decrease in the previous month. It was the third consecutive decline in consumer prices, as cost continued to drop for transport (-9.1 percent vs -7 percent in May); housing (-4.5 percent vs -3.9 percent); communication (-2.4 percent vs -2.2 percent); recreation & culture (-1.2 percent vs -0.9 percent); household equipment (-1.2 percent vs -0.8 percent) and miscellaneous goods & services (-1 percent vs -0.8 percent). On a monthly basis, consumer prices were unchanged in June, after declining 0.8 percent in the prior month.
Greek CPI Remains in Deflationary Territory
Greece's consumer price dropped 1.1 percent from a year earlier in May 2020, following a 1.4 percent decline in the previous month. Downward pressure came from transport (-7.0 percent vs -6.1 percent in April), housing (-3.9 percent vs -4.7 percent), communication (-2.2 percent vs -2.3 percent), recreation & culture (-0.9 percent vs -1.3 percent), household equipment (-0.8 percent vs -1.6 percent) and miscellaneous goods & services (-0.8 percent, the same as in April).

Greece Inflation Rate
In Greece, the most important categories in the consumer price index are: food and non-alcoholic beverages (17 percent of total weight); transport (13 percent); housing (12 percent) and hotels, cafés and restaurants (11 percent). The index also includes: clothing and footwear (9 percent); health (7 percent); furnishing and household equipment (7 percent); recreation and culture (5 percent); communication (5 percent). Education, alcoholic beverages, tobacco and other goods and services account for the remaining 14 percent of total weight.