The Minister of National Economy and Finance Kostis Hatzidakis expressed his satisfaction with the reduction in inflation in Greece, commenting on the Eurostat data, according to which the index fell to 2.4%, while Greece had the third lowest inflation among the eurozone countries .
Although he speaks of a “positive development”, Mr. Hatzidakis notes that “we are not celebrating, as accuracy, especially in food, remains an important problem not only in our country, but also in the EU”.
The statement of Kostis Hatzidakis in detail:
“Today we also had positive news from the difficult inflation front: according to the data announced by Eurostat, in September Greece had the third lowest inflation (2.4%) among the eurozone countries.
We are certainly not celebrating, as accuracy, especially in food, remains a significant problem not only in our country, but also in the EU.
However, this news is a positive development for households and the Greek economy and follows other positive developments. The growth rates that are among the highest in Europe, the reduction of unemployment by almost 7 percentage points, the continuous upgrades of our credit rating, the positive news that has come and will come from the execution of the budget, show that the Greek economy has turned around page.
We continue the effort by combining social sensitivity with fiscal stability.”
Inflation in Greece is at a 2-year low
The statements of Mr. Hatzidakis come after Eurostat’s preliminary data on inflation for September, which showed a significant slowdown during the first month of autumn, despite the increase in energy pressures.
Specifically, as announced at midday on Friday, the annual harmonized consumer price index (hCPI) in Greece rose to +2.4% compared to +3.5% in both August and July.
The 2.4% performance is the lowest since September 2021, falling short of the all-time high of 12.1% (September 2022).
It is recalled that, at a non-harmonized level, i.e. based on ELSTAT data, annual inflation in Greece accelerated to 2.7% in August compared to 2.5% in July. Updated data for September is expected in the coming days.
Prices in the Eurozone
At the same time, prices in the Eurozone “slowed down” to 4.3% in September, falling significantly from 5.2% in August.
The 4.3% performance is the lowest since October 2021, before the outbreak of war in Ukraine in February 2022.
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– What factors contributed to Greece’s recent two-year low inflation rate?
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Greece Celebrates 2-Year Low in Inflation Rate, Third Lowest in Eurozone
The Minister of National Economy and Finance, Kostis Hatzidakis, has expressed his satisfaction with the recent reduction in inflation in Greece, citing Eurostat data that shows the index has fallen to 2.4%. This significant decrease marks a two-year low and positions Greece as the third country with the lowest inflation rate among eurozone countries.
A Positive Development, But Not a Cause for Celebration
While acknowledging this positive development, Hatzidakis notes that “we are not celebrating, as accuracy, especially in food, remains an important problem not only in our country, but also in the EU.” This cautionary tone is a reminder that despite the progress made, there is still work to be done to address the lingering issue of food inflation.
The Full Statement from Kostis Hatzidakis
In his detailed statement, Hatzidakis emphasized the significance of this development, saying:
“Today we also had positive news from the difficult inflation front: according to the data announced by Eurostat, in September Greece had the third lowest inflation (2.4%) among the eurozone countries.
We are certainly not celebrating, as accuracy, especially in food, remains a significant problem not only in our country, but also in the EU.
However, this news is a positive development for households and the Greek economy and follows other positive developments. The growth rates that are among the highest in Europe, the reduction of unemployment by almost 7 percentage points, the continuous upgrades of our credit rating, the positive news that has come and will come from the execution of the budget, show that the Greek economy has turned the page.
We continue the effort by combining social sensitivity with fiscal stability.”
Inflation Rate Drops to 2-Year Low
The latest figures from Eurostat show a significant slowdown in inflation during the first month of autumn, despite rising energy pressures. The annual harmonized consumer price index (hCPI) in Greece rose to +2.4% compared to +3.5% in both August and July. This 2.4% performance is the lowest since September 2021.
Greece’s Economic Turnaround
The reduction in inflation is the latest in a series of positive developments for the Greek economy. With growth rates among the highest in Europe, a significant reduction in unemployment, and continuous upgrades to the country’s credit rating, Greece’s economic outlook is increasingly optimistic.
Combining Social Sensitivity with Fiscal Stability
As Hatzidakis emphasized, the key to sustaining this progress lies in balancing social sensitivity with fiscal stability. By addressing the remaining challenges, such as food inflation, while maintaining a commitment to responsible fiscal management, Greece can continue to build a strong and resilient economy.
The Future Looks Bright for Greece
The latest inflation data is a clear indication that Greece is on the right path. With a combination of positive economic indicators and a commitment to social responsibility, the country is poised for continued growth and development. As Hatzidakis concludes, “We continue the effort by combining social sensitivity with fiscal stability,” marking a promising future for Greece.
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That the decline in inflation should not lead to complacency, as challenges remain in the economy.
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Greece Celebrates 2-Year Low in Inflation Rate, Third Lowest in Eurozone
The Minister of National Economy and Finance, Kostis Hatzidakis, has expressed his satisfaction with the recent reduction in inflation in Greece, citing Eurostat data that shows the index has fallen to 2.4%. This significant decrease marks a two-year low and positions Greece as the third country with the lowest inflation rate among eurozone countries.
A Positive Development, But Not a Cause for Celebration
While acknowledging this positive development, Hatzidakis notes
