Record Olive Oil Prices Drive Food Inflation in Greece (Olive Oil TImes)

Monday, June 17, 2024

According to a study from the National Bank of Greece on inflation and short-term economic challenges, olive oil alone accounts for almost half of the country’s food inflation.. 

Food inflation is the rate of increase in food prices, usually measured by the Consumer Price Index (CPI), which calculates the monthly changes in consumer prices based on a representative basket of goods.

The study said food inflation is slowing down in Greece but remains high, reaching 5.4 percent in April compared with the same month one year ago. This is due to the outsized impact of olive oil in the CPI and the adverse weather that heavily impacted the crops in central Greece last September.   (more in the article of Olive oil Times in the link)