Greek inflation remains steady at 2.5 percent in January

Greece’s annual inflation rate reached 2.5% in January 2026 compared to the same month a year earlier, according to data released by the Hellenic Statistical Authority (ELSTAT). Consumer prices fell 0.8% on a monthly basis from December 2025, reflecting typical post-holiday price adjustments in the Greek economy.

On a rolling 12-month basis, the Consumer Price Index for the period covering February 2025 through January 2026 rose 2.5%, down slightly from the 2.7% increase recorded in the previous comparable period. This modest deceleration suggests that overall price growth may be stabilizing after months of elevated inflation pressures across the eurozone.

Food Prices Drive Greece Inflation Rate

Food prices remained a primary contributor to inflation in Greece, with several categories posting significant year-on-year increases. Beef prices surged 25.4%, while lamb rose 8.5% and fruit climbed 11.8%, according to the statistical authority. Chocolate products also recorded a sharp 20.3% increase, adding to household grocery bills.

However, olive oil prices provided some relief by dropping approximately 30%, partly offsetting broader food inflation. The decline in this staple commodity helped moderate the overall impact on consumer budgets, even as other food categories continued their upward trajectory.

Housing and Rental Costs Pressure Households

Housing costs continued to apply significant pressure on Greek households, with rental prices climbing 8.7% year-on-year. Additionally, clothing and footwear became 8% more expensive compared to January 2025, contributing to the overall inflation picture. These increases reflect ongoing challenges in the Greek housing market and retail sector.

Meanwhile, energy-related costs moved in the opposite direction, offering some respite to consumers. Natural gas prices fell 25.8% and heating oil declined 9.5%, easing winter heating expenses for households across the country. These decreases helped balance out some of the inflationary pressures from other essential categories.

Category Breakdown Shows Mixed Price Movements

By category, the largest price increases appeared in food and non-alcoholic beverages, which rose 4.5%, and hotels, cafés and restaurants, which jumped 6.8%. Education costs increased 2.8%, while housing expenses rose 2.1%, driven primarily by higher rents and electricity costs. The data indicates that service-oriented sectors continue to experience robust price growth.

Transport prices rose 0.9%, reflecting higher costs for vehicles and air travel. Nevertheless, cheaper fuels and used cars limited the overall increase in this category, preventing a more substantial contribution to the consumer price index.

Deflation in Select Categories Tempers Overall Growth

Smaller price increases were recorded in health services, recreation and financial services, suggesting that not all sectors experienced significant inflationary pressures. In contrast, declines were noted in household goods, communication services, and personal care items, helping to temper the overall Greece inflation rate. These decreases reflect competitive pressures and technological improvements in certain consumer markets.

The data highlight a continuing shift in inflation pressures across the Greek economy, with essential goods and housing costs remaining the main contributors despite falling energy prices. This pattern mirrors trends observed in other European Union member states, where core inflation has proven more persistent than headline figures.

Greek authorities have not announced specific policy responses to the latest inflation data. The next monthly consumer price index report is expected in late February, which will provide further insight into whether the modest slowdown in price growth continues or reverses course in the coming months.