Greece and Ireland Report Slowing Annual Inflation in June

Annual consumer price inflation slowed in both Greece and Ireland during June 2026. In Greece, inflation fell to 4.4% from 5.2% in May, while Ireland's rate moderated to 3.4% from 3.6%, marking a four-month low. Both countries experienced significant price pressures in housing, electricity, and gas, with Greek housing costs surging by 10.6% due to rents and energy.

Trends in food and fuel varied by region. Meat prices rose sharply in Greece, while Irish staple items, including dairy and steak, generally decreased. Ireland's overall downward trend was further supported by falling diesel and petrol prices, though these remained higher than previous year levels. Monthly consumer prices in Ireland increased by 0.3%, reversing a contraction seen in May.

These regional trends align with a broader European context where the European Central Bank increased interest rates last month for the first time since September 2023. The bank's decision follows concerns over rising European gas prices caused by a heatwave and geopolitical instability in the Middle East, which the International Monetary Fund warned could push global inflation higher.