Inflation in Greece Hits Double Digits at 10.2%

The significant rise in Greek inflation, in April, follows the pandemic and now the Russia-Ukraine conflict, which has driven fuel prices much higher. Credit: Greek Reporter

Greece’s annual consumer inflation jumped to its highest level in 28 years in April at 10.2% on the back of surging costs for energy, housing, transportation and foods, official data showed on Tuesday.

The increase of inflation by 2.1% in April 2022, compared to the corresponding index of March 2022, came mainly from changes in the following groups of goods and services, according to ELSTAT:

• 2.5% in the group food and non-alcoholic beverages, due mainly to increase in prices of bread, beef, pork, lamb and goat, poultry, whole milk, yogurt, cheese, eggs, oils and fats, fresh vegetables, frozen vegetables, coffee. Part of this increase was offset by the reduction in prices mainly in pasta and fresh fish.
• 14.1% in the clothing and footwear group, due to the return of prices to the levels before the winter discounts.
• 4.0% in the housing group, due mainly to the increase in the price of electricity, natural gas, and heating oil.
• 0.4% in the group durable goods-household items and services, due mainly to increase in prices of direct goods household consumption.
• 0.3% in the transport group, mainly due to price increases in new cars, petrol. Part of the increase is offset by the reduction of prices mainly in diesel, passenger transport tickets with airplane tickets.
• 0.6% in the leisure-cultural activities group, due mainly to an increase in prices on the holiday package.
• 0.9% in the group hotels-cafes-restaurants.

Inflation in Greece is fueled by the Russia-Ukraine conflict

The increases are fueled by the Russia-Ukraine conflict with the cost of Russian energy and Ukrainian grain dramatically spiking. Businesses and households continue to face a massive wave of price increases with the government struggling to reel them in.