Greece’s Harmonised Consumer Price Index (CPIH) year-on-year rate was 2.9% in January.
This was unchanged from the previous reading.
Inflation Proving Stubborn
Greek inflation held steady at 2.9%. We see this as a sign that price pressures across the Eurozone remain persistent. While this level is not alarming, it is still well above the European Central Bank’s 2% target. That makes the next steps for monetary policy more difficult.
This reading also fits the broader picture in the bloc. Eurostat’s flash estimate puts overall Eurozone inflation at 2.5% for January 2026. That marks a change from the steady disinflation seen through most of 2025. As a result, the ECB meeting in early March now looks less likely to deliver a dovish shift.
For interest rate derivatives traders, this suggests reconsidering wagers on a spring rate cut. We think markets may need to reduce the odds of an April cut and move expectations further into the summer. In other words, short-term rates may stay higher for longer.
In equity options—especially linked to the Athens Stock Exchange—this backdrop may limit near-term upside. Stubborn inflation can keep borrowing costs elevated, which may pressure earnings and weaken sentiment. The index could remain range-bound, making strategies that benefit from sideways price action more attractive.
This is a clear change from 2025, when inflation fell quickly and helped fuel a strong market rally. That easier phase now appears to be over. We may be moving into the final—and harder—stage of bringing inflation back to target. Traders should prepare for a period of less predictable policy signals.
Implications For Policy And Markets
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