Inflation in Greece jumped to 8 percent in March, and in the EU to 7,5 percent, according to preliminary data released on Friday by Eurostat, the statistical office of the European Union.
The inflation rate in Greece was 7.2 percent in February compared to 6.2 percent in January.
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.
The Greek government set an inflation target in its 2022 budget for 1 percent but it’s clear that is unachievable, with Greek Finance Minister Christos Staikouras estimating recently that it will now be set at 4 percent.
According to the February data of the Greek Statistical Agency ELSTAT, Greek inflation is driving electricity prices higher by an astronomical 71.4 percent, with natural gas leading all other forms of energy with a 78.5 percent raise. Fuels and lubricants rose by 23.2 percent, and heating oil rose by 41.5 percent.