Inflation in Greece jumped to 10.2% in April, according to data released by the Hellenic Statistical Authority. A similar percentage was recorded in November 1994, while in March 1995 it fell for the first time to single digits.
Explosive increases of up to 122.6% are recorded: in the price of natural gas, by 88.8% in electricity and by 65.1% in heating oil. Oils also increased by 22%, meats by 14%, vegetables by 13% and dairy products by 11.7%. Bread is a total of 10% higher.
The evolution of the Consumer Price Index (CPI) of April 2022 (reference year 2020 = 100.0) is depicted as follows:
The CPI in April 2022 compared to April 2021, increased by 10.2%. In April 2021, the annual rate of change of the CPI was -0.3%.
The CPI in April 2022 compared to March 2022, increased by 2.1%. In April 2021, the monthly rate of change of the CPI was 0.9%.
The average CPI for the twelve – month period from May 2021 to April 2022, compared with the corresponding index for the period May 2020 to April 2021 increased by 4.4%. The annual rate of change of the average CPI between the twelve – month period May 2020 to April 2021 in comparison to the period May 2019 to April 2020 was -1.6%.
Analysis of changes of the CPI: April 2022
I. Monthly rates of change: April 2022 compared to March 2022.
The 2.1% increase of the Overall CPI in April 2022, compared to the corresponding index in March 2022 is, mainly, due to the
changes in the groups of goods and services as follows:
1. An increase of:
• 2.5% in the group Food and non-alcoholic beverages, due to the increase, mainly, in the prices of: bread, beef, pork, lamb and goat, poultry, fresh whole milk, yoghurt, cheese, eggs, oil and fats, fresh vegetables, frozen vegetables, coffee. This increase was partly offset by the decrease, mainly, in the prices of: pasta products and couscous, fresh fish.
• 14.1% in the group Clothing and footwear, due to the recovery of prices up to normal levels as before the winter sales period.
• 4.0% in the group Housing, due to the increase, mainly, in the prices of: electricity, natural gas, heating oil.
• 0.4% in the group Household equipment, due to the increase, mainly, in the prices of non-durable household articles.
• 0.3% in the group Transport, due to the increase, mainly, in the prices of: new motorcars, petrol. This increase was partly offset by the decrease, mainly, in the prices of: diesel, tickets for passenger transport by air.
• 0.6% in the group Recreation and culture, due to the increase, mainly, in the prices of package holidays.
• 0.9% in the group Hotel-Cafés-Restaurants, due to the increase, mainly, in the prices of restaurants-confectioneries-cafes
2. A decrease of:
• 0.5% in the group Alcoholic beverages and tobacco, due to the decrease, mainly, in the prices of wines.
II. Annual rates of change: April 2022 compared to April 2021
The 10.2% increase of the Overall CPI in April 2022, compared to the corresponding index in April 2021 is, mainly, due to the
changes in the groups of goods and services as follows:
1. An increase of:
• 10.9% in the group Food and non-alcoholic beverages due to the increase, mainly, in the prices of: bread and cereals, meat, fish, milk-cheese and eggs, oils and fats, fresh fruit, vegetables, sugar-chocolates-sweets-ice creams, food n.e.c., coffee-cocoatea, mineral water-refreshments-fruit juices.
• 1.6% in the group Clothing and footwear, due to the increase in the prices of clothing and footwear.
• 35.2% in the group Housing, due to the increase, mainly, in the prices of: rentals for dwellings, electricity, natural gas, heating oil, solid fuel.
• 4.2% in the group Household equipment, due to the increase, mainly, in the prices of: furniture and furnishings, household textiles, glassware-tableware and utensils of domestic use, non-durable household articles, domestic services.
• 15.4% in the group Transport, due to the increase, mainly, in the prices of: new motorcars, second hand motorcars, spare parts and accessories for motorcars, fuels and lubricants, maintenance and repair of motorcars-motorcycles, tickets for passenger transport by air, tickets for passenger transport by sea.
• 1.2% in the group Recreation and culture, due to the increase, mainly, in the prices of: major durables for recreation and culture, small recreational items-flowers-pets, cinemas-theaters, stationary and drawing materials, package holidays. This increase was partly offset by the decrease, mainly, in the prices of audiovisual and information processing equipment.
• 0.9% in the group Education, due to the increase, mainly, in the prices of fees of secondary education.
• 3.8% in the group Hotel-Cafés-Restaurants, due to the increase, mainly, in the prices of: restaurants-confectioneries-cafes, hotels-motels-inns.
• 0.9% in the group Miscellaneous goods and services, due to the increase, mainly, in the prices of other appliances and articles for personal care. This increase was partly offset by the decrease, mainly, in the prices of motor vehicle insurance.
2. A decrease of:
• 2.7% in the group Communication, due to the decrease, mainly, in the prices of: mobile telephone equipment, telephone
services
Latest News
Europeche: Greek Apricot Production Recovers
Europeche forecasts the production will bounce back despite a slight decrease in varieties attributed to high winter temperatures
Bank of Greece (BoG): Business-Household Deposits Up 1,675bln in March 2024
In March 2024, the monthly net flow of credit to the general government was negative by 469 million euros
FT: Greece’s Economic Rebound a Balance of Growth and Poverty
Eurostat data revealed a significant 10.8% drop in Greek public debt relative to GDP in 2023, alongside a 2% economic expansion, outpacing Germany's performance.
Lavrio Port Authority Next Up for Privatization
A deadline for the submission of expressions of interest is May 14, 2024
Eurostat: Greece Records Largest Drop in Natural Gas Prices in 2nd Half of 2023
The price of electricity and natural gas in Europe was down following a substantial surge that began before the Russian invasion of Ukraine and peaked in 2022
GEK TERNA Still Considers Leveraging Concessions Portfolio as Financial Tool
President and CEO of Gek Terna George Peristeris explained the company's plans on Tuesday on the sidelines of the inauguration of sections of Greece's E65 highway
NielsenIQ: 3% Supermarket Revenue Increase in Q1
Private label products are gaining traction, comprising 25.4% of shopping basket shares, up from 24.7%
Store Hours Change Today in Observation of Orthodox Easter
The President of the Athens Chamber of Commerce hopes the Easter period will provide a much-needed boost to retail traffic in the capital
Athens-area Mass Transit Systems Set to Finally Install Contact-less Fare Payment
Paying fares via bank cards, smartphones and smartwatches in all mass transit systems in the Greek capital, namely, buses, trolleys, the metro and tram lines, is scheduled by the end of the year
Council of State Rejects Motion Against Thessaloniki Motorway Project
The motion was filed earlier this month by three local citizens’ and environmental groups and generated a high court decision for a temporary stay in construction