Annual inflation was 1.3% in Nov-24
In Nov-24, annual inflation was 1.3%, up from 0.3% posted in October. This increase was mainly driven by a rise in mixed goods inflation to 3.1% y/y (-0.6% y/y in Oct-24). Meanwhile, inflation for domestically produced goods and services remained stable at 1.8% y/y, while imported inflation decreased by 1.7% y/y (-1.5% y/y in previous month). Notably, core inflation, excluding volatile food, energy and tobacco prices, rose further to 1.6% y/y in Nov-24 from 1.2% y/y in October.
By categories, annual inflation in Nov-24 was largely driven by price changes in food and non-alcoholic beverages (+3.1% y/y, +1.00ppts), alcoholic beverages & tobacco (+5.1% y/y, +0.34ppts), education (+4.9% y/y, +0.25ppts), hotels & restaurants (+7.1% y/y, +0.24ppts), transport (-2.1% y/y, -0.27ppts), utilities (-3.7% y/y, -0.32ppts) and communication (-12.9% y/y, -0.48ppts) categories.
On a monthly basis, there was a 0.7% y/y inflation in Nov-24, mainly due to rising prices in food and non-alcoholic beverages (+2.2% m/m, +0.74ppts) category.
Tourism revenues estimated at US$ 280mn in Nov-24
Tourism revenues increased by 6.3% y/y to US$ 280mn in Nov-24, according to our estimates. Overall, in 11M24 tourism revenues reached US$ 4.1bn (+6.5% y/y) by our estimates.
International reserves at US$ 4.1bn in Nov-24
Gross international reserves decreased by 19.5% y/y to US$ 4.1bn in Nov-24, according to NBG. On a monthly basis, the reserves were up by 1.0% (+US$ 39.0mn). In November, changes in reserves were attributed to the government and/or banking sector FX operations and also NBG’s FX purchase in the amount of US$ 124.5mn, according to NBG’s Acting Governor comment (official statistics will be available on 25 December). Notably, as of Nov-24, monetary gold accounted for 14.8% of total international reserves.
