At the lowest levels in the last 14 months. inflation in February 2023, and the de-escalation that began in October 2022 is now in its fifth month. According to data released yesterday Hellenic Statistical Office (ELSTAT)consumer price index up 6.1% yoy in February 2023 from 7% in January 2023. However, food prices remain extremely high, with inflation for this group of goods at 14.8% in February 2023 ., while notable scores are also recorded monthly. The latter, if anything, shows that some of the small price declines recorded mainly for imported dairy products and cheese appear to be isolated cases and do not indicate a wider price deflation in the food category.

In particular, in food products, the largest increase in prices on an annualized basis falls on: dairy products and eggs 25.2%, oils and fats 22.9%, meat 20%, bread and cereals 16.8%, coffee 13%, sugar, chocolate, sweets 9.2. %, mineral water, soft drinks, juices 9%, vegetables 8.6%. On a monthly basis, an overall increase of 1.5% was recorded in the food group, with the largest increases recorded in the following items: fresh vegetables by 14.9%, frozen vegetables by 3.5%, olive oil by 2.7%, coffee by 2.3%, 2.1% in cheeses.

Even if some of the supply issues caused by the war in Ukraine have been ironed out, there is no shortage of other developments that could disrupt the global supply chain for agricultural commodities and food. In accordance with United Nations Food and Drink Organization (FAO), the international grain price index rose slightly due to fears of prolonged drought in key growing regions, the same is true for corn. Chicken prices may have fallen, but pork prices are rising again and sunflower oil production remains low.

Medicines rose 13.8% in one year and 7.1% in just one month.

At the same time, serious losses in family budgets are caused by a significant increase in prices for direct household items (16.7% year on year), essentials such as detergents, stationery, cleaning products, and other personal hygiene items. goods, while the annual price increase reaches 10.4%. It is worth noting that the prices for goods of direct household consumption also increase monthly by 2.4%. A large burden on disposable income is also caused by an increase in prices for pharmaceutical products: by 13.8% per year and by 7.1% in just a month.

Price increases have now also been recorded for other delayed goods, such as clothing and footwear (7.1%), while airline tickets, which have already risen significantly compared to last year, have risen in price by 15.7% over the past month. . Compared to last year, air tickets have become more expensive by 47.6%.

On the other hand, a de-escalation in electricity prices and a slowdown in the growth of natural gas prices are noticeable. Thus, on an annualized basis, the price of electricity, taking into account government subsidies, decreased in February 2023 by 22.4%, while a decrease of 5.1% was also recorded for fuel oil. The price of natural gas increased by 37.1% compared to last year, solid fuel by 25.3% and fuel (petrol, diesel) by 2%. On a monthly basis, there is a decrease in the price of natural gas by 21.6%, heating oil by 3.9%, diesel fuel by 3.2%. Electricity prices remained almost unchanged, while the cost of gasoline increased by 1.4%.