Price indices

Many households in Greece had to cut back on basic food items in 2023 so they could cover other needs, under the suffocating pressure of shrinking disposable income. This, of course, does not mean that they paid less, as the average monthly expenditure for almost the same items increased.

Inflation in Cyprus slowed down in August 2024, with prices rising by 1.5%, compared to a 2.11% increase in July, data showed on Thursday. The Consumer Price Index (CPI), which measures the cost of living, went up slightly from 117.73 to 118.10.

According to a survey conducted by the General Confederation of Consumers of Greece and released on Tuesday, Greeks have significantly changed their consumption habits due to rising prices, especially for food and utilities.

Of those surveyed, 68.9% said they were very affected by price increases over the past year, while 25.4% said they were somewhat affected.

Negative inflation was recorded at supermarkets in August, the fourth consecutive month of negative inflation, according to a survey by the Institute for Research on Consumer Goods Retailing (IELKA).

The headline economic confidence index declined but consumer morale, one of the major components of the index, improved in August, data from the Turkish Statistical Institute (TÜİK) showed on Aug. 29.

The economic confidence index was down 1.3 percent in August from July to 93.1 points, remaining below the 100 mark, which separates optimism from pessimism.

Referring to the cost-of-living crisis, Prime Minister Kyriakos Mitsotakis told a cabinet meeting on Wednesday that the problem of high prices is an "ongoing battle" and that things will gradually improve.

Consumer sentiment improved, even though slightly, in August, after declining in the previous two months, a joint survey conducted by the Central Bank and the Turkish Statistical Institute (TÜİK) has shown.

The consumer confidence index, which fell 2.7 percent in June and 3.1 percent in July, increased by 0.6 percent to 76.4 points in August.

In July, inflation in Bulgaria slightly decreased to 2.4% on an annual basis, according to recent statistics from the NSI. However, compared to the previous month, the inflation index rose by 0.8%, reversing a trend of decline observed in recent months. This increase is primarily attributed to higher prices for tourist services and establishments.

The Bulgarian National Bank (BNB) anticipates a gradual slowdown in annual inflation during the second half of the year, as outlined in Issue 2 of its quarterly publication, "Ikonomicheski pregled" (Economic Review), available on the central bank's website.

Inflation edged higher in July, ending a run of decreasing rates. The Consumer Price Index published Friday by the Hellenic Statistics Authority grew 2.7% year-on-year, up from 2.3% in June.

The result was not surprising, at least since the publication of the EU-wide Harmonized Index of Consumer Prices by Eurostat.