OECD: Fourth in food increases Greece in January

Greece was ranked among all the countries for which it records figures, according to the Agency’s latest inflation report on Wednesday (6.4.2024). Specifically, in January 2024, inflation in food in the Greek economy “run” at an 8.3% rate, at a slight slowdown from 8.7% in December last year. Faster increases from Greece were noted in January only Iceland (8.9%), Norway (8.7%), and Turkey, whose food was expensive by 69.7%, according to OECD data. At the general consumer price index level the rate in our country slowed to 3.1% from 3.5% in December, while the harmonised index slowed to 3.2% from 3.7%. In contrast to increases, energy prices declined by -5.7% from -3.2% in December. Structural inflation, excluding food and energy, accelerated from 3% to 3.2%. Finally, as the OECD points out, the contribution of food to the general index was 1.8% while energy was -0.7%. At international level annual inflation in OECD countries slowed from 6% in December 2023 to 5.7% in January 2024. General inflation fell to two thirds of OECD countries , with the largest reductions (over one percentage point) recorded in the Czech Republic, the Slovak Republic, Hungary, Austria and Iceland. Inflation formed below 3% (or negative) in 14 OECD countries in January 2024, compared to 11 countries in December 2023. Structural inflation in the OECD was generally stable, reaching 6.6% in January 2024 compared to 6.7% in December 2023 and remained higher than general inflation in the last nine consecutive months. Energy inflation has been negative since May 2023 and has remained negative in 23 OECD countries. However, Turkey and Colombia showed energy inflation above 25% in January. Food inflation in the OECD continued to slow, at 6.2% in January 2024 compared to 6.7% in December 2023. It decreased to three quarters of OECD countries and was below 10% everywhere except Turkey. In the Eurozone, annual inflation, as measured by the Harmonised Index, was generally stable at 2.8% in January 2024, compared to 2.9% in December 2023. Food inflation declined for a tenth consecutive month, reaching 5.4%.