Food prices

Inflation in Greece fell to 2.4% in October, from 2.9% in September.

According to ELSTAT's data, the slowdown in food prices is noticeable, where in October a price increase of 1.5% was recorded on an annual basis (from 3.2% in September), with reductions in flour and cereal, pasta, dairy, fruit and coffee.

Inflation is proving extremely persistent, as despite hopes for a de-escalation in October, it strengthened further and reached 3.2%, according to Eurostat estimates, compared to 3.1% in September.

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.

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).

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.

Türkiye is at risk of significant inflationary pressure through food prices driven by climate change, according to researchers at the country's Central Bank.

Climate change has not only become a major threat to sustainability and food security but also to price stability, they warned.

In Greece, the aftermath of devastating fires and prolonged droughts has led to a sudden surge in food prices, which have risen by over 30%. The fires, which have destroyed more than 100 homes and devastated large areas of farmland, have left only ashes where once thriving greenhouses near Marathon stood. As a result, the local supply of fruits and vegetables has plummeted.

Annual inflation increased by 2.7% in July, according to ELSTAT.

The resurgence of inflationary pressures is causing a new headache for the government and households.

This is a result of the recovery in energy prices, the maintenance of high food prices, as well as the large and numerous price increases in a range of services, from food and accommodation to transport, insurance and medical services.

BELGRADE - Quoting figures from the national statistical office, the National Bank of Serbia (NBS) said on Friday Serbian y-o-y inflation had slowed down to 3.8 pct in June, staying on the path projected by the central bank.

"The inflation slowdown is owed chiefly to the prices of food and petroleum products," the NBS said in a statement.