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15.0 12.5 10.0 7.5 5.0 2.5 0.0 -2.5 -5.0 Inflationary pressures recede mainly due to declining energy prices whereas consumers' price expectations de-escalate Progressive de-escalation of headline inflation Consumers' price expectations over the next 12 months Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 HICP* Energy (yoy) - Greece, rhs -Core inflation** (yoy) - Greece (*) July 2023 figures: Eurostat's flash estimate (**) Overall index excluding energy and unprocessed food Sources: Eurostat, European Commission ▪HICP* (yoy) - Greece HICP* (yoy) - Euro area 70 75 60 60 50 50 25 25 50 50 40 30 232 20 -25 -10 -20 Jul-20 0 10 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 Euro area May-22 Jul-22 Sep-22 Nov-22 Greece Jan-23 Mar-23 May-23 Jul-23 30 ALPHA SERVICES AND HOLDINGS

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