Inflation Hits 3.4% in July, Fuel Prices Surge

Inflation came in at 3.4% in July, easing slightly from the prior month. Still, the picture behind the headline number shows that pressure on household budgets remains strong. The steepest price increases are concentrated in expenses that are hard to cut back on, such as housing, fuel, transportation, rent, and dining out.

According to figures released by the Hellenic Statistical Authority (ELSTAT), annual inflation stood at 3.4% in July 2026, down from 4.4% in June. On a monthly basis, the Consumer Price Index fell by 1.4%, an outcome largely driven by summer sales. At the same time, however, average inflation for the twelve-month period from August 2025 to July 2026 climbed to 3.3%, up from 2.6% in the same period a year earlier.

Inflation: Housing and Transport Lead Price Increases

The heaviest weight came from housing, where prices in July were up 8.8% compared to a year earlier. According to ELSTAT, this category also had the largest positive impact on the overall index, contributing 1.33 percentage points.