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Economy

Greek Ιnflation Rate Soared to 11.3% in May

ATHENS – Greek inflation soared to 11.3% in May from 10.2% in April and 0.1% in May 2021, Hellenic Statistical Authority said on Thursday. The statistics service attributed this development in the consumer price index to price increases in all products and services, led by energy. The price of natural gas soared 172.7%, electricity was up 80.2%, heating oil jumped 65.1% and fossil fuels rose 5.4%, leading to a 36.6% rise in fuel-lubricants, a 22.8% rise in air travel and a 17.7% increase in ship travel.

Products included in the so-called ‘household basket’ recorded big price increases. More specifically, oil/fat rose 23.2%, dairy-eggs rose 14.1%, meat 13.8%, bread-cereals 13.4%, vegetables 13%, fresh fruit 10.8%, coffee-cocoa-tea 6.3%, mineral water-beverage-fruit juice 5.6%, sugar-chocolate-ice cream 4.7%, fish 4.1% and alcohol 2.1%. Price increases were also recorded in hotels (22.2%), cinemas-theatres (13.9%), used cars (11.5%), home appliances (8.8%), new cars (8.7%), holidays (8.4%), clothing-footwear (5.6%), car parts (4.8%), furniture (4.5%), restaurants (4.1%), durable goods (3.5%), education (1.4%), dental services (1.3%), house rents (0.9%), hospitals (0.4%).

The statistics service attributed the 11.2% increase in the consumer price index to index increases in foods/beverages 12.1%, alcohol/tobacco 0.9%, clothing/footwear 5.6%, housing 35%, durable goods 5.1%, health (0.5%), transport (18.8%), entertainment (1.3%), education (0.9%) and hospitality (5.1%). Index declines were recorded in the communication (-2.5%).

Greece’s harmonised inflation rate rose to 10.5% in May from 9.1% in April and -1.2% in May last year. In the May-April period 2022, the harmonised inflation rate rose 0.9%.

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