Inflation hits 12.1% in June

Inflation rose to 12.1% for the month of June, according to Hellenic Statistical Authority ELSTAT, marking a new record.

According to the official data, from the comparison of the General Consumer Price Index for the month of June 2022 with the corresponding Index of June 2021, there was an increase of 12.1% against an increase of 1.0% that occurred during the corresponding comparison of the year 2021 with 2020.

Prices have exploded

The biggest increase recorded was in natural gas prices, by 117.1%, followed by electricity by 70.4%, heating oil by 65.1% and fuel by 45.6%.

There was also a 48.5% rally in air transport, 32.9% in taxis and 20.4% in sea transport.

Also, staying in hotels is 27.7% more expensive.

In terms of food, culinary/cooking oils are more expensive by 24.9%, bread by 15.9%, and meat by 15%. An increase of 11.3% is recorded in vegetables.

At the same time, new cars went up by 12% and used cars by 15.9%.

Inflation “culprits”

Beyond that, housing, food, energy and transportation seem to be leading the frenzy of very large increases. It is characteristic that an increase of 31.5% was noted in the Housing group, mainly due to an increase in prices in: house rents, home repair and maintenance items, electricity, natural gas, heating oil, solid fuels.

The Transportation group jumped by 25.0%, mainly due to price increases in: new cars, used cars, car parts and accessories, fuel and lubricants, maintenance and repair of personal transport equipment, taxi passenger transport, passenger transport tickets airplane, ferry passenger tickets.

Also, an increase of 12.6% was noted in the group Food and non-alcoholic beverages, due mainly to price increases in: bread and cereals, meat (general), fish (general), dairy and eggs, oils and fats, fresh fruit, vegetables ( in general), sugar-chocolates sweets-ice creams, other foods, coffee-cocoa-tea, mineral water-soft drinks-fruit juices.

I. Monthly rates of change: June 2022 compared with May 2022

The 1.6% increase of the Overall CPI in June 2022, compared with the corresponding index in May 2022 is, mainly, due to the
changes in the groups of goods and services as follows:

1. An increase of:
• 1.5% in the group Food and non-alcoholic beverages, due to the increase, mainly, in the prices of: bread and cereals, beef,
pork, poultry, fresh fish, cheese, other edible oils, fresh fruit. This increase was partly offset by the decrease, mainly, in the
prices of: fresh vegetables, potatoes.
• 9.1% in the group Clothing and footwear, due to the recovery of prices up to normal levels before the 10-day period of
summer sales.
• 1.9% in the group Household equipment, due to the increase, mainly, in the prices of non-durable household articles.
• 6.2% in the group Transport, due to the increase, mainly, in the prices of: new motor cars, second hand motor cars, diesel,
petrol, passenger transport by taxi, tickets for passenger transport by air.
• 1.4% in the group Hotel-Cafés-Restaurants, due to the increase, mainly, in the prices of: restaurants-confectioneries-cafes,
hotels-motels-inns.
• 1.3 in the group in the group Miscellaneous goods and services, due to the increase, mainly, in the prices of other appliances
and articles for personal care.

2. A decrease of:
• 2.4% in the group Housing, due to the increase, mainly, in the prices of: electricity, natural gas.

II. Annual rates of change: June 2022 compared with June 2021

The 12.1% increase of the Overall CPI in June 2022, compared with the corresponding index in June 2021 is, mainly, due to the changes in the groups of goods and services as follows:

1. An increase of:
• 12.6% 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.
• 0.9% in the group Alcoholic beverages and tobacco, due to the increase, mainly, in the prices of alcoholic beverages (not
served).
• 4.6% in the group Clothing and footwear, due to the increase in the prices of clothing and footwear.
• 31.5% in the group Housing, due to the increase, mainly, in the prices of: rentals for dwellings, materials for the repair and maintenance of the dwelling, electricity, natural gas, heating oil, solid fuels.
• 6.5% in the group Household equipment, due to the increase, mainly, in the prices of: furniture and furnishings, household appliances and repair, glassware-tableware and utensils of domestic use, non-durable household articles, domestic services.
• 0.6% in the group Health, due to the increase, mainly, in the prices of: medical products, medical, dental and paramedical services, hospital and clinic services. This increase was partly offset by the decrease, mainly, in the prices of pharmaceutical products.
• 25.0% in the group Transport, due to the increase, mainly, in the prices of: new motor cars, second hand motor cars, spare parts and accessories for motor cars, fuels and lubricants, maintenance and repair of motor cars-motor cycles, passenger transport by taxi, tickets for passenger transport by air, tickets for passenger transport by sea.
• 1.7% 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-theatres, stationary and drawing materials, package holidays. This increase was partly offset by the decrease, mainly, in the prices of: audiovisual and information processing equipment, books.
• 0.9% in the group Education, due to the increase, mainly, in the prices of fees of secondary education.
• 6.5% in the group Hotel-Cafés-Restaurants, due to the increase, mainly, in the prices of: restaurants-confectioneries-cafes, hotels-motels-inns.
• 2.3% in the group Miscellaneous goods and services, due to the increase, mainly, in the prices of other appliances and articles for personal care.

2. A decrease of:
• 2.3% in the group Communication, due to the decrease, mainly, in the prices of: mobile telephone equipment, telephone
services.