Greek inflation slows for third straight month in October

Greece’s annual harmonised inflation rate reached 1.6% in October, compared with 2.1% in the eurozone. This placed the country among those with the lowest inflation in the currency bloc. Estonia recorded the highest rate at 4.5%, followed by Latvia and Croatia.

Despite the easing trend, Greece’s average inflation from January to October stood at 2.9%, higher than the eurozone average of 2.1%. Analysts attribute this discrepancy to persistently elevated prices in services earlier in the year. According to the draft 2026 state budget, Greece’s average inflation is forecast at 3% for 2025 and 2.2% for 2026.

Core inflation, which excludes energy, food, alcohol and tobacco, decreased significantly to 1.9% in October from 4.3% in July, indicating broader moderation across the economy.

Over the past six years—which included the pandemic, the energy crisis and recurring geopolitical shocks—food and non-alcoholic beverage prices have risen cumulatively by 35.3%, outpacing most other categories. Analysts note that such increases disproportionately affect lower-income households, where food accounts for a larger share of expenses. They warn that climate-related disruptions and geopolitical tensions could continue to cause volatility in food production costs and consumer prices.

While Greece now ranks among the lowest-inflation countries in the eurozone, economists emphasise that the easing reflects slower price growth rather than falling prices—meaning households are still facing elevated cost levels built up over recent years.