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Economy

Greek Inflation Rate Jumped to 8.9% in March

ATHENS – Greek inflation rate jumped to 8.9% in March this year, from 7.2% in February and -1.6% in March last year, Hellenic Statistical Authority said on Friday.

Specificially, energy costs soared in the period from March 2021 to March 2022, with electrcity prices up 79.3%, natural gas up 68.3%, and heating oil up 58.5%, which led to price increase in fuel/lubricants (29%), air transport (26.8%), and ship transport (16%). The so-called housewife’s basket recorded prices increases in oil (19.9%), vegetable (13.6%), dairy/eggs (8.4%), fresh fruit (7.8%), bread/cereal (7.6%), meat (6.4%), coffee (5.4%), other food (5.1%), fish (3.5%), sugar/chocolate (3.4%), wines (2.7%) and mineral water/beverage/juices (2.3%).

Hotel prices rose 18.5%, used cars prices rose 11.5%, new cars rose 8.1%, furniture/home itmes were up 5.8%, clothing/footwear rose 6.5%, motorcycles rose 5%, tyres up 4.7%, restaurant/coffee up 2.1%, dental services rose 1.1% and hospital up 0.4%.

On a monthly basis, energy costs moved up, led by heating oil (18.3%) and electricity (4.6%), while natural gas prices eased 7.3%.

The statistics services attributed the 8.9% increase in the consumer price index in March to increases of: 8.1% in food/beverage, 0.4% in alcohol/tobacco, 6.5% in clothing/footwear, 29.9% in housing, 3.7% in durable goods, 15.4% in transport, 0.1% in entertainment, 0.9% in education, 2.8% in hotel/restaurants, 0.1% in other goods and services and to price declines in communications (-2.9%).

The consumer price index rose 2.7% in March from February 2022, while the harmonised inflation rate rose to 8% in March this year after falling by 2% in March 2021. In the period March-February 2022, harmonized inflation rose 2.7%.

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