The rate of inflation in our country showed a slight decline in May, though this did not stem the surge in prices that continues to hit households, particularly in basic necessities, energy, and tourism services.
According to today’s official data from ELSTAT, as reported by «EFSYN,» the general consumer price index stood at 5,2% compared to 5.4% the previous month. Although there has been a slight decline compared to April, a comparison with May 2025 (when inflation stood at 2.5%) illustrates the magnitude of the pressures that have built up in the market. At the same time, harmonized inflation stood at 4.9% on an annual basis.
Fuel and meat lead the way in price hikes
In a year-over-year comparison, consumers are facing double-digit price increases on basic goods. In the food basket, the very sharp increases in veal with 17.61 TP3T and in lamb/goat with 16.2%, while significant price increases were recorded for salted fish (12.6%) and margarine (10.6%).
The biggest shock, however, is in the energy and transportation sectors, as the Heating oil prices surged by 53.2%, the diesel fuel by 24.4%, the gasoline by 21.5% and natural gas by 21%.
«Rents and Tour Packages Are »Skyrocketing"
The housing crisis is clearly reflected in the ELSTAT data, with the Residential rents are expected to rise by 7.7% annually and home repair and maintenance costs are expected to rise by 6.8%.
Partly due to the start of the summer season, services related to tourism and the restaurant industry are showing strong upward trends. Passenger airfare rose by 19.2%, hotel and motel stays by 9.5%, while prices at restaurants, fast-food outlets, and cafes have risen by 8.5% compared to last year.
An Overview of Changes by Group (Annual Basis)
The 5.2% rise in the general index was driven primarily by the following sectors:
- Housing (+11.6%): Due to rent, electricity (5.9%), natural gas, and heating oil.
- Transportation (+11.5%): Due to fuel costs, airline tickets, and price increases on new cars.
- Hotels, Cafes, and Restaurants (+8.5%): Due to widespread price increases in dining and lodging.
- Food and Non-Alcoholic Beverages (+3.5%): Despite declines in fresh fish, breakfast cereals, and olive oil, the group remained strong thanks to meat, coffee (5.2%), and vegetables (4.1%).
On the other hand, small, welcome «buffers» were provided by the declines in the «Information and Communication» sector (-2.7% due to telecommunications), «Clothing and Footwear» (-0.9%), and alcoholic beverages (-0.1%).
Picture of the Month: Fuel Price Cuts, Another Surge in Hotel Bookings
On a month-over-month basis (May 2026 compared to April 2026), the overall index remained stable (0.0%), although opposing trends were observed within it.
On the one hand, there was a temporary monthly decline in natural gas prices (-9.2%), in diesel (-8.5%), and in airline tickets (-12%). On the other hand, however, in just one month, gasoline prices rose further by 2.3%, restaurant prices by 2.4%, while Hotels recorded a monthly jump of 11%, confirming the significant pressures consumers are facing as summer begins.
