Inflation in Greece Jumps to 12 Percent in September

The annual inflation rate in Greece rose to 12 percent in September, up from 11.4 percent in August and 11.6 percent in July, the Hellenic Statistical Authority (ELSTAT) said on Monday.

More specifically, the consumer price index rose 2.9 percent in September compared with August after a 2.4 percent increase recorded in the same period last year. The average consumer price index in the October 2021 to September 2022 period rose 8.7 percent.

According to ELSTAT, the biggest percentage increase was recorded by natural gas (332 percent), followed by air transport (58.7 percent), electricity (30.5 percent), hotels (25.8 percent), dairy-eggs (23.3 percent), coffee (14.3 percent), and fuel (17.7 percent).

Goods and services with the highest inflation rate in Greece

The increase in the consumer price index in September in comparison with the same month last year reflected increases in the food/beverage group (13.5 percent), alcohol/tobacco (2.0 percent), clothing-footwear (3.5 percent), housing (35.4 percent), durable goods (9.3 percent) and transport (14.2 percent).

The inflationary pressure on housing was due to the increase in the prices of rentals for dwellings, services for the repair and maintenance of the dwelling, electricity, natural gas, heating oil, and solid fuels.

The 13.5 percent price increase in food and beverages was due to the increase in the prices of bread and cereals, meat, fish, milk, cheese, and eggs. Price increases were also obvious in: oils and fats; vegetables; sugar, chocolate, ice cream, and sweets; and beverages, including coffee, cocoa, tea, mineral water, fruit juice, and other refreshments. This increase was partially offset by a decrease in prices mainly for fresh fruit.

Transport price increases were mainly due to price increases in new motor cars, second-hand motor cars, motorcycles, spare parts and accessories, fuel and lubricants, and maintenance and repair of motor cars and motorcycles. Taxi, air, and sea transport also became less affordable.

Inflation in the euro area reached ten percent in September up from 9.1 percent in August, according to the preliminary data released in September by Eurostat.

As stated in the relevant announcement, looking at the main components of inflation in the euro area, energy is expected to have the highest annual growth rate at 40.8 percent compared to 38.6 percent in August. This is followed by food, alcohol, and tobacco with an 11.8 increase compared to 10.6 percent in August, non-energy manufactured goods, which saw an increase of 5.6 percent compared to 5.1 percent in August, and services in which a 4.3 percent increase was recorded in comparison to the 3.8 increase seen in August.