Consumer prices in Greece showed no growth from a year earlier in July of 2019, after falling 0.3% in the previous month. The largest upward contribution to the CPI came from transport (2.5% from 0.1% in June), mainly tickets for passenger transport by air; hotels, cafes & restaurants (0.4% from 0.6%), due to prices of restaurants-confectioneries-cafes-buffets and accommodation services; and clothing & footwear (0.3% from a flat reading). On the other hand, prices fell for food & non-alcoholic beverages (-1.4% from -1.1%), on the back of lower prices of bread & cereals, dried salted or smoked meat, yoghurt, cheese, oils & fats, fresh fruit, dried fruit & nuts, preserved or processed vegetables, sugar-chocolates-sweets-ice creams, other food, coffee-cocoa-tea, fruit juices; and housing (-0.9% from -0.7%), due to electricity and natural gas. On a monthly basis, consumer prices slumped 1.5%, down from a 0.5% gain in June. Inflation Rate in Greece averaged 8.28 percent from 1960 until 2019, 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.
Inflation Rate in Greece is expected to be 0.50 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 1.20 in 12 months time. In the long-term, the Greece Inflation Rate is projected to trend around 1.70 percent in 2020, according to our econometric models.