Eurostat pegs inflation in Greece at 9.8% and 10.7% in the eurozone in October

Harmonized inflation in Greece "fell" to 9.8% in October, according to Eurostat data. At the same time, the consumer price index in the eurozone increased by 10.7%, setting a new record.

For the month of September, inflation in the Eurozone climbed to 9.9%, while it was 10.9% in Europe. According to the data of the Hellenic Statistical Service, inflation in Greece reached 12% in September 2022.

On a monthly basis, inflation in Greece slowed, registering a negative rate of -1% (it also fell in Estonia -1.6% and Malta -0.6%).

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It is worth noting that the rise in prices is led by energy with 41.9%, followed by food, alcohol and tobacco with 13.1%, non-energy industrial products with 6% and services with 4.4%.

Excluding volatile energy and food prices, so-called core inflation rose 5% year-on-year and 0.6% month-on-month.

Among the eurozone countries, it is estimated that the highest annual inflation rate will be recorded in Estonia, where it will reach 22.4%, followed by Lithuania with 22% and Latvia with 21.8%.

Forecasts for Greece

Based on projections included in the draft budget, inflation will fall to 3.1% in 2023 from 9.1% this year.

Foundation for Economic & Industrial Research (IOBE) foresees that prices will remain on an upward trajectory this year, in the region of 9.7%, mainly due to the strong rise in energy product prices, but also consumer demand. For 2023, and taking into account the assumptions and trends shaping the prices, it is predicted that the General Consumer Price Index will strengthen in the region of 4.2%.

However, regarding inflation in Greece, the IMF estimates that it will take be around 9.2% this year - based on the...