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Economy

Inflation in Greece Eased to 9.1% in October, ELSTAT Reports

November 10, 2022

ATHENS – The annual inflation rate in Greece in October eased to 9.1% from 12% in September but was accompanied by double-digit price hikes across a wide range of products and services, the statistics agency ELSTAT announced on Thursday.

According to ELSTAT, the Consumer Price Index (CPI) in October 2022 in comparison with the CPI in October showed an increase of 9.1%. In October 2021, the annual rate of change of the CPI was 3.4%. The CPI in October 2022 compared with September 2022 decreased by 1.2%. In October 2021, the monthly rate of change of the CPI was 1.5%.

Significant increases in the percentage price increase in the last year were observed in: natural gas (68.4%), solid fuels (23.3%), heating oil (20.8%), fuels and lubricants (17.8%) and electricity (7.4 %). There were also sizeable price hikes in staple products that make up the consumer “basket of goods”, such as dairy products and eggs (24.2%), bread and cereals (19.3 %), meat (17.3%), oils and fats (16.6 %), coffee-cocoa-tea (13.4%), vegetables (13.2%) and other foods (12%).

Large increases were also observed in the price of new cars (12.3%), used cars (19.4%), motorcycles (8.4 %) and car parts and accessories (10.3%), taxi fares (32.9 %), air travel (30.6%), passenger ship fares (26.7%), cinema and theatre (14.3%), holiday packages (12%), and hotels-motels-inns (20.2%).

Between October and September, prices declined in natural gas (52.8%), heating oil (11.2%) and electricity (2.9%) but increased for diesel (11.2 %) and petrol/car fuel (2.3%). There were also further increases in consumer goods in the household basket, such as pasta, vegetables, potatoes, milk, bread, and others.

The harmonised consumer price index (HICP) increased by 9.5% in October 2022 compared with October 2021. The annual rate of change of the HICP in October 2021 was 2.8%. The HICP in October 2022 compared with September 2022 decreased by 1.2%. In October 2021, the monthly rate of change of the HICP was 1.1%.

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