Greece inflation statistics show how consumer prices moved from September 2024 through February 2026 across four measures: the national Consumer Price Index (CPI), the Harmonised Index of Consumer Prices (HICP), HICP at constant taxes (HICP-CT), and core inflation. The figures below are labeled “Greece in Figures Q1 2026” and attributed to the Hellenic Statistical Authority (ELSTAT). Monthly changes measure movement from the previous month, while annual rates compare each month with the same month a year earlier.
Contents
- How to read the measures
- Late 2024: a mixed starting point
- Early 2025: winter declines and spring acceleration
- Summer 2025: the strongest annual HICP readings
- Autumn and winter 2025: annual rates diverge
- January and February 2026
- Monthly reference table
How to read the measures
The CPI and HICP are both price measures for Greece, but they are not interchangeable series. The HICP is the harmonised measure used for comparisons within the European statistical framework. HICP-CT records the harmonised index at constant tax rates. Core inflation is listed separately in the supplied ELSTAT-labeled figures and is reported here as a monthly percentage change; the dataset does not provide a core annual rate.
There are two different time dimensions in each monthly entry. A monthly change of 1.8% in September 2024 describes the change from August to September 2024. An annual rate of 2.9% for the CPI in the same month compares September 2024 with September 2023. A negative monthly number therefore does not necessarily mean that the annual rate is negative.
The figures use Greece as the geography throughout. They are presented as reported historical observations for the named months. No estimate or forecast is identified in the supplied series.
Late 2024: a mixed starting point
September 2024 began the series with a 1.8% monthly change in each of the CPI, HICP and HICP-CT measures. Core inflation’s monthly change was higher, at 2.9%. The annual CPI rate was 2.9%, while the annual HICP rate was 3.1%.
The monthly movement then stopped rising in October. Greece’s CPI monthly change was 0.0%, while HICP and HICP-CT each recorded 0.1%. Core inflation registered 0.2%. The annual CPI rate eased to 2.4%, but the annual HICP rate remained 3.1%.
November brought negative monthly changes across all four measures: -0.4% for CPI, -1.2% for HICP, -1.1% for HICP-CT and -0.2% for core inflation. The annual CPI rate stayed at 2.4%, and the annual HICP rate edged down to 3.0%.
December reversed the monthly direction modestly. CPI, HICP and HICP-CT each rose 0.1%, while core inflation rose 0.3%. The annual CPI rate increased to 2.6%; the annual HICP rate declined to 2.9%.
| Month | CPI monthly | HICP monthly | HICP-CT monthly | Core monthly | CPI annual | HICP annual |
|---|---|---|---|---|---|---|
| September 2024 | 1.8% | 1.8% | 1.8% | 2.9% | 2.9% | 3.1% |
| October 2024 | 0.0% | 0.1% | 0.1% | 0.2% | 2.4% | 3.1% |
| November 2024 | -0.4% | -1.2% | -1.1% | -0.2% | 2.4% | 3.0% |
| December 2024 | 0.1% | 0.1% | 0.1% | 0.3% | 2.6% | 2.9% |
Source for all rows: “Greece in Figures Q1 2026,” ELSTAT.
Early 2025: winter declines and spring acceleration
January 2025 recorded another broad monthly decline. CPI, HICP and HICP-CT each fell 0.7%, while core inflation fell 1.7%. Despite the monthly declines, the annual CPI rate was 2.7% and the annual HICP rate was 3.1%.
February was almost flat on the harmonised measures. The CPI monthly change was -0.1%, while HICP and HICP-CT each recorded 0.0%. Core inflation was -0.3%. The annual CPI rate was 2.5% and the annual HICP rate was 3.0%.
March marked a clear monthly increase: CPI rose 1.4%, HICP rose 1.9% and HICP-CT rose 1.7%. Core inflation rose 2.4%. At the same time, annual rates were 2.4% for CPI and 3.1% for HICP.
The April monthly CPI change was 0.0%, while HICP rose 0.5% and HICP-CT rose 0.3%. Core inflation rose 1.0%. The annual CPI rate was 2.0%, and the annual HICP rate was 2.6%.
In May, the monthly changes were positive but smaller: 0.2% for CPI, 0.4% for HICP, 0.4% for HICP-CT and 0.1% for core inflation. The annual CPI rate moved to 2.5%, while the annual HICP rate reached 3.3%.
These five months illustrate why a monthly reading and an annual rate answer different questions. January and February had negative or flat monthly movements, March had substantial positive monthly movement, and the annual CPI rate across the period remained between 2.0% and 2.7%.
Summer 2025: the strongest annual HICP readings
June 2025 recorded monthly increases of 0.8% for CPI, 1.3% for HICP, 1.3% for HICP-CT and 0.6% for core inflation. The annual CPI rate was 2.8%, and the annual HICP rate rose to 3.6%.
July produced negative monthly changes: -0.4% for CPI, -0.3% for HICP, -0.3% for HICP-CT and -1.3% for core inflation. Nevertheless, the annual CPI rate reached 3.1%, and the annual HICP rate reached 3.7%.
August was split between the measures. CPI rose 0.1% month over month, while HICP and HICP-CT each fell 0.6%. Core inflation rose 0.3%. The annual CPI rate was 2.9%, and the annual HICP rate was 3.1%.
Among the annual HICP figures supplied for September 2024 through February 2026, July 2025 is the highest at 3.7%. June 2025 follows at 3.6%, and May 2025 is next at 3.3%. The monthly HICP changes in those three months were 1.3%, -0.3% and 0.4%, respectively, showing that the highest annual readings do not require a positive monthly change in the current month.
Autumn and winter 2025: annual rates diverge
September 2025 recorded a CPI monthly change of 0.8%, a HICP monthly change of 0.5%, a HICP-CT monthly change of 0.5% and a core inflation monthly change of 1.9%. The annual CPI rate was 1.9%, while the annual HICP rate was 1.8%.
In October, CPI rose 0.1% month over month, but HICP and HICP-CT each fell 0.1%; core inflation fell 0.2%. The annual CPI rate was 2.0%, and the annual HICP rate was 1.6%.
November’s CPI monthly change was 0.1%. HICP fell 0.1%, HICP-CT rose 0.2%, and core inflation fell 0.2%. The annual CPI rate increased to 2.4%, while the annual HICP rate increased to 2.8%.
December saw monthly increases of 0.3% for CPI, 0.1% for HICP, 0.1% for HICP-CT and 0.5% for core inflation. Annual rates were 2.6% for CPI and 2.9% for HICP.
The autumn readings also show that CPI and HICP annual rates did not move in lockstep. The annual HICP rate was below the annual CPI rate in September and October 2025, then above it in November and December. The supplied values are series-specific and should be compared by measure.
January and February 2026
January 2026 brought negative monthly changes in every listed measure. CPI fell 0.8%, HICP fell 0.7%, HICP-CT fell 0.6% and core inflation fell 1.5%. The annual CPI rate was 2.5%, and the annual HICP rate was 2.9%.
February 2026 returned to small positive monthly changes for the headline measures. CPI rose 0.1%, HICP rose 0.3% and HICP-CT rose 0.2%. Core inflation fell 0.4%. The annual CPI rate was 2.7%, and the annual HICP rate was 3.1%.
For the final two months in the series, the monthly CPI change moved from -0.8% in January to 0.1% in February, while the monthly HICP change moved from -0.7% to 0.3%. Over the same interval, the annual CPI rate rose from 2.5% to 2.7%, and the annual HICP rate rose from 2.9% to 3.1%.
Monthly reference table
The following compact reference retains the reported monthly changes and annual rates for 2025 and the first two months of 2026. All figures are Greece observations from “Greece in Figures Q1 2026,” ELSTAT.
| Month | CPI m/m | HICP m/m | HICP-CT m/m | Core m/m | CPI annual | HICP annual |
|---|---|---|---|---|---|---|
| Jan 2025 | -0.7% | -0.7% | -0.7% | -1.7% | 2.7% | 3.1% |
| Feb 2025 | -0.1% | 0.0% | 0.0% | -0.3% | 2.5% | 3.0% |
| Mar 2025 | 1.4% | 1.9% | 1.7% | 2.4% | 2.4% | 3.1% |
| Apr 2025 | 0.0% | 0.5% | 0.3% | 1.0% | 2.0% | 2.6% |
| May 2025 | 0.2% | 0.4% | 0.4% | 0.1% | 2.5% | 3.3% |
| Jun 2025 | 0.8% | 1.3% | 1.3% | 0.6% | 2.8% | 3.6% |
| Jul 2025 | -0.4% | -0.3% | -0.3% | -1.3% | 3.1% | 3.7% |
| Aug 2025 | 0.1% | -0.6% | -0.6% | 0.3% | 2.9% | 3.1% |
| Sep 2025 | 0.8% | 0.5% | 0.5% | 1.9% | 1.9% | 1.8% |
| Oct 2025 | 0.1% | -0.1% | -0.1% | -0.2% | 2.0% | 1.6% |
| Nov 2025 | 0.1% | -0.1% | 0.2% | -0.2% | 2.4% | 2.8% |
| Dec 2025 | 0.3% | 0.1% | 0.1% | 0.5% | 2.6% | 2.9% |
| Jan 2026 | -0.8% | -0.7% | -0.6% | -1.5% | 2.5% | 2.9% |
| Feb 2026 | 0.1% | 0.3% | 0.2% | -0.4% | 2.7% | 3.1% |
The series therefore contains both short-term reversals and persistent positive annual rates. Reading Greece inflation statistics responsibly requires keeping the measure, geography and comparison period attached to every percentage: Greece CPI or HICP, monthly or annual, and the specific month reported by ELSTAT.