Inflation Greece 2023
Average inflation: 3.5%
Current Inflation
Inflation is high at 3.5%, well above the ECB target.
Peak and Trough
The highest inflation was in January at 7.0%. The lowest inflation was in September at 1.6%.
- Highest month
- January: 7.0%
- Lowest month
- September: 1.6%
- Difference
- 5.4 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food and non-alcoholic beverages with an average of 11.7%. The lowest price increase was in Housing, water, electricity, gas and other fuels with an average of -8.0%.
- Highest increase
- Food and non-alcoholic beverages: 11.7%
- Lowest increase
- Housing, water, electricity, gas and other fuels: -8.0%
Historical Context
Current inflation is 0.8% higher than the 5-year average of 2.7%.
- 5-year average
- 2.7%
- 10-year average
- 1.1%
- All-time high (2022)
- 9.6%
- All-time low (2015)
- -1.7%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -6.1 percentage point.
- Change vs. previous year
- -6.1 percentage points
- Largest monthly swing
- September: -10.4 percentage points
ECB Target
Inflation is 1.5% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €103.50 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 7.0% | +0.8 |
| February | 6.1% | -1.1 |
| March | 4.6% | -4.3 |
| April | 3.0% | -7.2 |
| May | 2.8% | -8.5 |
| June | 1.8% | -10.3 |
| July | 2.5% | -9.1 |
| August | 2.7% | -8.7 |
| September | 1.6% | -10.4 |
| October | 3.4% | -5.7 |
| November | 3.0% | -5.5 |
| December | 3.5% | -3.7 |
| Average | 3.5% |
Data source
Data from OECD. Last updated: 11/01/2026.