At 7%, inflation in January compared to 7.2% in December 2022, with data confirming that consumer prices have entered a slowdown path, following a trend seen across Europe.

However, ELSTAT data shows that food prices continue to rise, with food and non-alcoholic beverages up 1.1% month-on-month and 15.4% year-on-year.

The January CPI showed a decline of 0.5% compared to December 2022, compared to a decline of 0.3% recorded in the corresponding comparison of the previous year.

The 12-month average for February 2022-January 2023 compared to the 12-month average for February 2021-January 2022 showed an increase of 9.7% compared to an increase of 1.9%, recorded in comparison for the 12 months of February 2021 – January 2022 with the twelve months from February 2020 to January 2021.

How have prices changed since December?

The decrease in inflation in January compared to December 2022 by 0.5% was mainly due to changes in the following groups of goods and services:

1. From a decrease in performance by:
• 22.8% in the clothing and footwear group due to general winter sales.
• 0.4% in Durable Goods – Household Goods and Services, due to general winter sales and lower prices for direct household items. Part of this decline was offset by higher prices, mainly for household services.

2. From an increase in performance by:
• 1.1% in the Food and Non-Alcoholic Beverages group due to price increases mainly for: bread, pizza and pies, beef, cold meats, fresh fish, cheeses, eggs, oils and fats, fresh vegetables, canned or processed vegetables, sugar candy-sweets-ice cream, sauces-spices. Part of this increase was offset by lower prices, mainly for breakfast cereals and fresh fruit.
• 1.3% in the “Alcoholic drinks and tobacco products” group, mainly due to the increase in prices for alcoholic beverages (not served).
• 1.9% in the Housing group, mainly due to rising prices for: housing rent, electricity, natural gas, fuel oil. Part of this increase was offset by lower prices, mainly for utility bills.
• 0.2% in the Transportation group, mainly due to higher prices for air passenger tickets. Part of this increase was offset, in particular, by lower diesel prices.
• 0.6% in the Hotels-Cafes-Restaurants group, mainly due to higher prices in restaurants-pastry-cafes.
• 1.0% in the “Other goods and services” group, mainly due to higher prices for: other personal hygiene items, health insurance premiums.

Price comparison with January 2022

The increase in inflation by 7% in January 2023 compared to the corresponding indicator for January 2022 was mainly due to changes in the following groups of goods and services:

1. From an increase in indicators by:
• 15.4% in the group Food and non-alcoholic beverages, due to price increases mainly for: bread and cereals, meat (in general), fish (in general), dairy products and eggs, oils and fats, fruits (in in general), vegetables (in general), sugar, chocolate-candy-ice-cream, other products, coffee-cocoa-tea, mineral water-soft drinks-fruit juices.
• 3.0% in the group Alcoholic beverages and tobacco products, mainly due to higher prices for alcoholic beverages (not served).
• 6.5% in the clothing and footwear group due to rising prices for clothing and footwear.
• 10.6% in Durable Goods – Household Goods and Services, due to rising prices mainly for: furniture and decorative items, household appliances and repairs, crockery, crockery and household utensils, household goods for direct consumption, household services.
• 2.9% in the Health group, mainly due to rising prices for: pharmaceutical products, medical products, medical, dental and paramedical services, inpatient treatment.
• 8.1% in the Transportation group, mainly due to rising prices for: new cars, used cars, mopeds-motorcycles, auto parts and accessories, fuels and lubricants, maintenance and repair of personal vehicles, tickets for taxi passengers , transport tickets air passenger tickets, passenger ferry tickets.
• 3.4% in the Leisure-Cultural events group, due to price increases mainly for: small goods for leisure-flowers-animals, cinemas-theatres, stationery and design materials, tour packages. Some of this growth was offset by price cuts, mainly for audio and video processing equipment.
• 2.2% in the Education group, mainly due to higher prices for: primary education fees, secondary education fees.
• 7.8% in the Hotels-Cafes-Restaurants group, mainly due to price growth in restaurants-pastry-cafés, hotels-motels-hotels.
• 5.4% in the “Other goods and services” group, mainly due to price growth in: hairdressing and personal care stores, other personal care items, health insurance premiums.

2. From decreasing the index by:
• 0.1% in the Housing group, mainly due to lower electricity prices. Some of this growth was offset by rising prices mainly for: housing rent, home repair and maintenance, natural gas, liquefied petroleum gas, heating oil, solid fuels.
• 1.3% in the Communications group, mainly due to lower prices for telephony services.