All records were broken by inflation in February. According to Hellenic Statistical Authority – ELSTAT data, inflation reached 7.2% compared to 5.2% in January.
More specifically, the comparison of the general consumer price index of February 2022 with the corresponding index of February 2021 showed an increase of 7.2% compared to a decrease of 1.3% that occurred during the corresponding comparison of 2021 with 2020.
The general index in February 2022, compared to January 2022, showed an increase of 1.1% compared to an increase of 0.2% in the corresponding comparison of the previous year.
The average index of the twelve months March 2021 – February 2022, compared to the corresponding Index of the twelve months March 2020 – February 2021, showed an increase of 2.6% compared to a decrease of 1.6% in the corresponding comparison of the twelve months March 2020 – February 2021 with the twelve months March 2019 – February 2020.
Explosive increases
According to ELSTAT data, there is an increase of 78.5% in natural gas, 71.4% in electricity, 41.5% in heating oil, 23.2% in fuels and lubricants.
Increases of 16.8% were recorded in oils and fats, 15.2% in vegetables, 14.4% in lamb and goat.
As OT had written, especially after the Russian invasion of Ukraine, the upward trends of inflation are going to continue in the coming months, which started to record a positive pace from last June and escalated from the autumn (3.4% in October, 4, 8% in November and 5.1% in December, 6.2% in January).
It is certain that accuracy has been established in Greek everyday life and makes difficult the position of mainly vulnerable citizens and of course the unemployed.
Rises are worrying households, as wages have stalled in recent years and costs are rising.
Indicative are the data on the salaries of employees, who are called upon, with already reduced salaries – and high contributions – taxes, to pay an extra unbearable cost. In particular, one in two employees receives a salary of less than 800 euros and one in five receives less than 500 euros.
In this context, today and tomorrow the leaders of the 27 EU meeting in Versailles, at a time when the ECB is expected to signal flexibility for forthcoming monetary policy decisions, presenting its latest growth and inflation estimates.
Comparison of February 2022 with January 2022
The 1.1% increase of the Overall CPI in February 2022, compared with the corresponding index in January 2022 is, mainly, due to
the changes in the groups of goods and services as follows:
1. An increase of:
• 2.0% in the group Food and non-alcoholic beverages, due to the increase, mainly, in the prices of: bread, beef, cheese, yoghurt, olive oil, fresh fruit, fresh vegetables, preserved or processed vegetables, potatoes. This increase was partly offset by the decrease, mainly, in the prices of: lamb and goat, fresh fish.
• 2.9% in the group Housing, due to the increase, mainly, in the prices of: electricity, heating oil. This increase was partly offset by the decrease, mainly, in the prices of natural gas.
• 0.7% in the group Household equipment, due to the increase, mainly, in the prices of non durable household articles.
• 2.9% in the group Transport, due to the increase, mainly, in the prices of: new motorcars, fuels and lubricants, tickets for passenger transport by air.
• 0.1% in the group Hotel-Cafés-Restaurants, due to the increase, mainly, in the prices of restaurants-confectioneries-cafes.
2. A decrease of:
• 4.9% in the group Clothing and footwear, due to the period of winter sales
Latest News
Mini Holiday Season in Greece for Upcoming Orthodox Easter
Occupancy rates reach up to 90% domestically for accommodations open ahead of peak summer season
Greek PM Mitsotakis Says Fight Against Inflation Ongoing
The Premier made statement during a visit an an open vegetable market
Unpaid Taxes in Greece Reach 1.539bln Euros
As the figures revealed the number of debtors totaled 3,878,712 individuals and legal entities.
ELSTAT: Greek Primary Surplus Reaches 1.9% of GDP in 2023
Greek debt saw a slight dip to 356.7 billion euros by the end of 2023, down from 356.8 billion euros a year prior
Study: Greece in Top 5 Hotel Investments in Europe
As previously reported by OT, more than 60 hotel projects are set to be developed in Greece over the next four years
GEOAXIS Report: Office Rents Surge by 40% in Ten-Year Span
Geoaxis estimates that the different dynamics in the office market will continue into 2024/2025, predicting stability for older offices, increased demand for renovated spaces, and a slowdown in the rise of rents for modern, green offices
Greece: ‘Godparents’ Basket’ Debuts Today
As part of the program, Greek retailers are obliged to identify the lowest prices of certain categories of products traditionally purchased as Easter gifts by godparents for their godchildren between April 22 until May 4
Brain Waste in Greece: 22.74% of Migrants Overqualified for Jobs
Almost half of all college-educated migrants in Europe are overqualified for their jobs and twice as likely as natives to be unemployed, according to Lighthouse Reports
AB Vassilopoulos Supermarket Vies for 2nd Place in Greek Market
AB Vassilopoulos hopes its focus on its private label, addition of 2-3 company supermarkets and another 50 franchises will help it surpass LIDL
Greek Youth Struggle Amidst Low Wages and Soaring Expenses
Furthermore, 52.7% of respondents attribute Greece's current significant issues to governmental failure, while another 49.1% anticipate continued economic hardship in the nation's future