Inflation in Greece remained elevated in November, standing at 3%, a full percentage point above the European Central Bank’s (ECB) 2% target. This figure places Greece higher than the EU average and ranks it tenth among the countries with the highest inflation rates in the bloc.

According to Eurostat data, Greece’s Consumer Price Index (CPI) edged up from 2.9% in November 2023 to 3% in November 2024, though it marked a slight decline from 3.1% in October 2024.

In comparison, annual inflation across the euro area was 2.2% in November, rising slightly from 2% in October. A year earlier, the rate was recorded at 2.4%. Across the EU as a whole, inflation stood at 2.5% in November, up from 2.3% the previous month.

Inflation across the EU

The lowest annual inflation rates in November were observed in Ireland (0.5%), Lithuania, and Luxembourg (both 1.1%), while Romania (5.4%), Belgium (4.8%), and Croatia (4%) recorded the highest rates.

Compared to October 2024, annual inflation rose in 20 member states, remained stable in three, and declined in four.

Contributing factors

Eurostat identified services as the largest contributor to euro area inflation in November, adding 1.74 percentage points to the overall figure. This was followed by food, alcohol, and tobacco (+0.53 pp), non-energy industrial goods (+0.17 pp), while energy exerted a negative contribution (-0.19 pp).

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