Inflation in Greece at 12% in September

Inflation jumped to 12% in September 2022, according to the Hellenic Statistical Authority’s (ELSTAT) official data.

It is worth noting that the above is a new rise from August’s 11.4%, a sign that inflation is intensifying.

With regard to today’s development, the latest Eurostat figures are being confirmed, which means that the concern remains evident in relation to what is to come.

As recorded in the official data, there was an “explosion” of 332% in natural gas prices, followed by heating oil with 65.1% and electricity with 30%, in terms of energy.

The CPI in September 2022 compared with September 2021, increased by 12.0%. In September 2021, the annual rate of change of the CPI was 2.2%. The CPI in September 2022 compared with August 2022, increased by 2.9%. In September 2021, the monthly rate of change of the CPI was 2.4%.

The average CPI for the twelve – month period from October 2021 to September 2022, compared with the corresponding index for the period October 2020 to September 2021 increased by 8.7%. The annual rate of change of the average CPI between the twelve – month period October 2020 to September 2021 in comparison to the period October 2019 to September 2020 was -0.4%

Analysis of changes of the CPI: September 2022

I. Monthly rates of change: September 2022 compared with August 2022

The 2.9% decrease of the Overall CPI in September 2022, compared with the corresponding index in August 2022 is, mainly, due to the changes in the groups of goods and services as follows:

1. An increase of:
• 1.4% in the group Food and non-alcoholic beverages, due to the increase, mainly, in the prices of: bread and cereals, other
bakery products, lamb and goat, fish, milk-cheese and eggs, olive oil, vegetables. This increase was partially offset by the decrease, mainly, in the prices of fresh fruit.
• 0.4% in the group Alcoholic beverages and tobacco, due to the increase, mainly, in the prices of alcoholic beverages (not served).
• 41.4% in the Clothing and footwear group, due to the recovery of prices up to normal levels as before the summer sales period.
• 3.4% in the Housing group, due to the increase, mainly, in the prices of: rentals for dwellings, miscellaneous services relating
to the dwelling, natural gas, solid fuels. This increase was partially offset by the decrease, mainly, in the prices of electricity.
• 1.9% in the Household equipment group, due to the increase, mainly, in the prices of: household textiles, household appliances and repair, non-durable household articles.
• 0.3% in the Health group, due to the increase, mainly, in the prices of pharmaceutical products.
• 1.8% in the Education group, due to the increase, mainly, in the prices of: fees of primary education, fees of secondary education.
• 2.7% in the Hotel-Cafés-Restaurants group, due to the increase, mainly, in the prices of: restaurants-confectioneries-cafesbuffets, hotels-motels-inns.
• 0.4% 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:
• 1.4% in the Transport group, due to the decrease, mainly, in the prices of: petrol, tickets for passenger transport by air. This decrease was partially offset by the increase, mainly, in the prices of: new motor cars, diesel.

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

The 12.0% increase of the Overall CPI in September 2022, compared with the corresponding index in September 2021 is, mainly,
due to the changes in the groups of goods and services as follows:
1. An increase of:
• 13.5% 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, vegetables, sugar-chocolates-sweets-ice creams, food n.e.c., coffee-cocoa-tea, mineral water-refreshments-fruit juices. This increase was partially offset by the decrease, mainly, in the prices of fresh fruit.
• 2.0% in the group Alcoholic beverages and tobacco, due to the increase, mainly, in the prices of alcoholic beverages (not served).
• 3.5% in the Clothing and footwear group, due to the increase in the prices of clothing and footwear.
• 35.4% in the Housing group, due to the increase, mainly, in the prices of: rentals for dwellings, services for the repair and maintenance of the dwelling, electricity, natural gas, heating oil, solid fuels.
• 9.3% in the Household equipment group, due to the increase, mainly, in the prices of: furniture and furnishings, household textiles, household appliances and repair, glassware-tableware and utensils of domestic use, non-durable household articles, domestic services.
• 2.8% in the Health group, due to the increase, mainly, in the prices of: pharmaceutical products, medical products, medical/dental and paramedical services, hospital care.
• 14.2% in the Transport group, due to the increase, mainly, in the prices of: new motor cars, second hand motor cars, motor cycles, 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.
• 2.1% 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 partially offset by the decrease, mainly, in the prices of audiovisual and information processing equipment.
• 1.8% in the Education group, due to the increase, mainly, in the prices of: fees of primary education, fees of secondary education.
• 9.1% in the Hotel-Cafés-Restaurants group, due to the increase, mainly, in the prices of: restaurants-confectioneries-cafes – buffets, hotels-motels-inns.
• 3.2% in the group Miscellaneous goods and services, due to the increase, mainly, in the prices of: hairdressing salons and personal grooming establishments, other appliances and articles for personal care.

2. A decrease of:
• 2.1% in the Communication group, due to the decrease, mainly, in the price