2024-06-05 16:40:08
At ranges decrease than Eurozone inflation for the primary time since final September, the harmonized index of shopper costs was fashioned in Might 2024, in keeping with Eurostat estimates. In reality, Greece is the one Eurozone member nation in which there’s a lower within the index – that’s, not only a slowdown within the charge of value progress – on a month-to-month foundation, in comparison with April 2024. The damaging power inflation, the three-month block in presents that considerably restricted value will increase, but in addition the truth that Orthodox Easter this 12 months was in Might, which regularly means vital presents, are thought-about the principle components for each the de-escalation of the buyer value index in Might and the deviation from the corresponding index within the Eurozone.
So, in keeping with what Eurostat introduced yesterday, the harmonized shopper value index in Greece is estimated to have fashioned in Might at 2.3% in opposition to 3.2% which was the annual change of the index in April 2024. With this efficiency, Greece had the fifth lowest inflation within the Eurozone, after Latvia (0.2%), Finland (0.5%), Italy (0.8%), Lithuania (additionally 0.8%) and Eire (1.9%). Within the Eurozone, the harmonized index of shopper costs adopted the alternative path to that in Greece, because it reached 2.6% in Might in comparison with 2.4% in April. Companies at the moment are those pushing up the buyer value index, as at Eurozone degree their costs elevated on an annual foundation by 4.1% in opposition to an annual change of three.7% in April. Will increase had been additionally nonetheless recorded in meals, 2.6% in Might from 2.8% in April, whereas the person value index in power stood at 0.3% from 0.6% in April.
Based on Eurostat, Greece in Might had the fifth lowest inflation within the Eurozone.
It’s also value noting that Greece is the one nation among the many members of the Eurozone the place in Might 2024 a lower within the shopper value index was recorded in comparison with April 2024, albeit a marginal one, of the order of 0.3%.
Though we could have extra information on the nationwide shopper value index the day after the European elections, as ELSTAT has scheduled the related announcement for June 10, there are some preliminary interpretations of the course adopted in Greece in Might. Initially, though on the degree of the Eurozone power inflation confirmed a marginal improve in Might, in Greece it was damaging (-1.7%). As well as, the measure of the three-month ban on presents within the occasion of value will increase appears to have labored within the course of holding down costs. In any case, the day earlier than yesterday, the top of METRO AEVE and president of the Grocery store Affiliation of Greece, Aristotelis Panteliadis, argued that “costs might not be low, however they’ve stopped growing”.
Lastly, the de-escalation of inflation in Greece, in distinction to the Eurozone, appears to have been influenced by another issue: the timing of the Orthodox Easter in Might had the consequence, firstly, of extra presents in Might 2024 in comparison with Might 2023. Catholic Easter was celebrated in April each final 12 months and this 12 months. Second, lamb and goat costs ended up at decrease ranges than anticipated.
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