The annual inflation rate decreased in May to 5.1%

Which products have increased in price the most?

The annual inflation rate in May 2024 compared to May 2023 was 5.1%, the National Institute of Statistics (INS) announces, being the fourth consecutive decrease of this indicator. The annual inflation rate in April 2024 compared to April 2023 was 5.9%.

“The consumer price index in May 2024 compared to April 2024 was 99.89%. The inflation rate since the beginning of the year (May 2024 compared to December 2023) was 2.3%. The annual inflation rate in May 2024 compared to May 2023 was 5.1%. The average rate of change in consumer prices in the last 12 months (June 2023 – May 2024) compared to the previous 12 months (June 2022 – May 2023) was 7.6%”, INS data show.

The harmonized index of consumer prices in May 2024 compared to April 2024 was 100.03%.

The annual inflation rate in May 2024 compared to May 2023 calculated on the basis of the harmonized index of consumer prices (HICP) was 5.8%. The average rate of change in consumer prices in the last 12 months (June 2023 – May 2024) compared to the previous 12 months (June 2022 – May 2023) determined on the basis of the HIPC was 7.6%.

Food products went up in price in May by 1.24% compared to May 2023 and became cheaper by 0.02% compared to April 2024. In this category, the price of canned fruit rose the most, by 10 .01%, in May 2024 compared to May 2023, and by 0.59% compared to April 2024. Wine became more expensive by 8.82%, in May 2024 compared to May 2023, and by 0.96% compared to April 2024. The price of flour decreased the most, by 30.51%, in May 2024 compared to May 2023, and it decreased by 1.22% compared to April 2024.

Non-food goods rose in price by 6.38% in May 2024 compared to May 2023 and became cheaper by 0.37% compared to April 2024. In this category, medicines rose in price the most, by 24, 15%, in May 2024 compared to May 2023, and by 0.12% compared to April 2024, but also detergents, by 23.70%, in May 2024 compared to May 2023, and by 1.01% compared to April 2024. Gas became cheaper the most, by 17.89%, in May 2024 compared to May 2023, and by 7.95% compared to April 2024.

Services rose in price by 9.29%, in May 2024 compared to May 2023, and by 0.38% compared to April 2024. This is where postal services became more expensive, by 26.57%, in May 2024 compared to May 2023, and by 0.26% compared to April 2024.

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  • Panagiotis Spyridis

    Advise: 2 quick sollutions… bring down the fuel tax to make transportable goods cheaper and put a regulated price cap on bottled water.