Inflation in Greece rose to 3.1% in January from 2.9% in December, the highest level since October 2024, according to Eurostat's preliminary data.

In the same month, inflation in the eurozone also ticked up to 2.5%, higher than analysts' expectations due to the surge in energy prices. In December, the consumer price index in the bloc had stood at 2.4%. 

The catalyst for the acceleration of inflation in the European bloc was for another month the services sector, which however showed a mild slowdown to 3.9% from 4% in December. This was followed by the index tracking food, alcohol and tobacco prices, which rose 2.3% compared to 2.6% in December.

Notable is the jump recorded in the energy sector, as inflation in the sector came in at 1.8% compared to 0.1% in December. Finally, non-energy industrial goods prices remained stable with a 0.5% increase in January.

However, importantly, structural inflation, the index that excludes volatile food and energy prices, remained unchanged in the Eurozone, probably providing some relief to the ECB. In particular, it stood at 2.7%.