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Economy

Greek Inflation Jumped to 5.1% in December

January 13, 2022

ATHENS – The inflation rate in Greece jumped to 5,1% in December from 4,8% in November and -2,3% in December 2020, for an average increase of 1,2% in 2021 after a decline of 1,2% in 2020, Hellenic Statistical Authority said on Thursday.

More specifically, within a year (December 2021-December 2020), natural gas prices soared 135.7%, electricity prices jumped 45%, heating oil was up 34.1% and fuel up 21.7%. Price increases were also recorded in the so-called household basket: lamb/goat meat (19.7%), edible oils (17.1%), olive oil (17%), potatoes (14.2%), pasta (7.6%), fresh fish (6.7%), poultry (6.6%), cheese (5.5%), fresh fruit (5.5%), fresh vegetables (5.5%), bread (4.9%), veal (4.2%) and coffee (3.4%). However, in the December-November period a slight de-escalation of prices was recorded in natural gas (-16.2%), heating oil (-3%) and petrol (1.5%). On the other hand, price increases continued in electricity (5.2%), used cars (11.5%), new cars (1.3%), bread (0.7%), pasta (6.6%), veal (2.3%), fresh fish (1.7%) and cheese (1.6%).

The statistics service attributed the 5.1% increase in the consume price index in December to price increases in food/beverage (4.3%), clothing/footwear (3%), housing (18%), durable goods (2.3%), trasnport (10.9%), education (0.9%), hospitality (1.2%). Prices fell in health (0.1%), communications (2.5%) and entertainment (0.6%).

Greece’s harmonized inflation rate rose 4.4% in December from December 2020, up from 4% in November and -2.4% in December 2020. On a monthly basis, the harmonized inflation rate rose 0.5% in December from November 2021.

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