
This winter is expected to be difficult on the inflation front, with price increases for gas, electricity and oil passing to retail prices, causing increases in all products and services.
The “bell” has already tolled. Inflation rose to a record high in November as it climbed to 4.8%, which indicates the large wave of price increases in the Greek market.
The sharp rise in inflation is a consequence of the “explosive” increase in energy prices, but also in many other products.
The domino effect of price increases that extends to basic foodstuffs is affecting household incomes, causing chain reaction side effects across the economy as it slows down consumption and burdens business costs.
The blows of precision are stronger in low incomes as recorded in the latest report of the GSEE Labor Institute for Economy and Employment.
Only the increase in the price of housing, transportation, food and non-alcoholic beverages in October reduced the purchasing power of the minimum wage, while the continuing increases in the price of energy increase the erosion of its purchasing power by close to 10%.
November data
According to the official data of the Statistical Authority, there was a jump of 180.9% in natural gas prices compared to November 2020, a rise of 45.2% in heating oil and 37.8% in electricity.
At the same time, there are large increases in basic foodstuffs for households.
As a result, there is a 21.3% increase in prices for lamb and goat meat, 18.5% for olive oil and 11% for potatoes.
Fuels and lubricants increased by 24.9%, hotel prices by 12.8% and air transport by 12.8%.
The difficult December
Inflation has accelerated tremendously as it rose sharply from 2.2% in September to 3.4% in October and 4.8% in November.
According to many analysts, the price rally is expected to continue in December, when there will be a correspondingly large increase, despite the current stabilization of prices in oil and gas.
According to Eurostat data, Greece ranks 13th among the 19 eurozone countries in the scale of inflationary pressures in November as it recorded a harmonized index of 4.3% (from 2.8% in October), a decade high (since March 2011) compared to 4.9% in the euro area.
Lithuania holds the scepter with 9.3%, followed by 7.1% of Belgium and 6% of Germany (30 years old), 4% of Italy and 2.7% of Portugal.
Among eurozone countries, inflation was lowest in Malta in November


Latest News

Covid-19 pandemic in Greece: 3,190 new infections on Sat.; 9 related deaths
A total of 134 patients remained intubated in hospital ICUs

Monkeypox: “It is not like Covid-19”, said Prof. Magiorkinis
The cases "will increase, but not at a worrying level", estimated the Professor

Greece and France sign revised film co-production agreement
This agreement is a revised version of the 1973 agreement between the two countries

Greek tourism: Problems for the tourism season – Lacks of transport staff
Delays and even cancellations of flights create problems to the large number of Northern Europeans coming for holidays to Southern Europe

EasyJet: It will cancel more than 200 flights in the next days
EasyJet faces also some problems with its IT systems

Tourism: Athens became again a top tourist destination
A sharp rise in tourism from America is also noted

Annual Athens bike ride: Traffic restrictions on Sunday
Regulations blocking car traffic will be introduced as early as 07:00 on Sunday and last until 13:00

Former EU Commission leader: Greece has nothing to fear in terms of security
What the former Italian prime minister and former European Commission president, Romano Prodi, stated

Supermarkets: The Mart announces a deal with Eurobank
The wholesale chain proceeded with the acquisition of 9 stores of its network leased from Eurobank

Seizure of Greek-flagged ships: Greek FM’s demarche to Iran’s ambassador
The Greek ministry said that an Iranian navy helicopter landed on the Greek-flagged ship sailing in international waters 22 nautical miles off the coast of Iran