Apr 3, 2019

CPI inflation stood at 3.7% in March 2019

Quick Update

  • Annual inflation stood at 3.7% YoY in March 2019, 1.4 PP higher compared to February figure and slightly above the NBG’s target of 3%. Over the same period, core inflation* stood at 3.5%, up from 1.3% in February 2019. Excluding the impact of tobacco prices, core inflation stood at 1.2% - compared to 0.2% in February.
  • Higher prices on food and non-alcoholic beverages (+4.8% YoY) as well as on alcoholic beverages and tobacco (+20.8% YoY) contributed most to the annual inflation, the latter being primarily driven by increased excise tax on tobacco. Prices also went up on recreation and culture (6.7% YoY) mainly to be explained by more expensive tourism services. At the same time, prices fell sharply on clothing and footwear (-10.1% YoY). More moderate price decrease was observed in communication (-1.7% YoY).
  • Monthly inflation equaled 1.0% in March. On seasonally adjusted annualized terms estimated March monthly inflation stood at around 14.0% and at 4.7% excluding the impact of tobacco and tourism services.