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Annual inflation in Greece hits 1.0 percent in June

Price hikes in food, fuel, services and other essential goods drove the annual inflation rate in Greece to 1.0 percent in June 2018, from 0.8 percent in May, the Greek Statistics Authority and the Eurostat that uses the ELSTAT data said.

According to ELSTAT statement, inflation rate rose 1% between June 2018 and June 2017 due to price hikes in the following sectors:

1.3% food and non-alcoholic drinks

1.4% alcoholic drinks and tobacco products

0.5% health sector due to price hikes pharmaceutical products, hospitals and clinics

4.3% transport due to hikes in fuel prices and flight tickets

3.3% telecommunications (note: telecommunication companies raised their fees after EU scrapped the roaming fees)

0.2% education

1.2% hotels, cafes and restaurants

blue line = annual average

Price hikes between June 2018 and May 2018 were:

01.% food and non-alcoholic drinks

0.1% alcoholic drinks and tobacco products

10.4% clothes – shoes (due to end of spring sales)

0.4% household times (due to end of spring sales)

2.2% transport due to hikes in fuel prices and flight tickets

0.2% hotels, cafes, restaurants

On its part the Eurostat said that inflation rate in the Eurozone rose to 2.0 pct in June from 1.9 pct in May, while it remained unchanged at 2.0 pct in the EU.

The inflation rate was 1.3 pct in the Eurozone and 1.5 pct in the EU in June 2017.

In Greece, the inflation rate was 0.9 pct in June 2017.

Ireland (0.7 pct), Greece (1.0 pct) and Denmark (1.1 pct) recorded the lowest annual inflation rates, while Romania (4.7 pct), Estonia (3.9 pct) and Hungary (3.2 pct) the highest rates.

The biggest price increases in goods and services in the Eurozone, on an annual basis, were recorded in energy (0.76 percentage points), services (0.57 pct ppt), food, alcohol and tobacco (0.53 ppt) and non-energy industrial goods (0.1 ppt).

The eurostat forgot to mention that telecommunication companies increased their fees after the EU scrapped roaming fees.

PS now that Greece exists the bailout program, yes, prices can be raised again…. The only sector where no increase is recorded is the labor market, where wages and salaries remain ridiculously low.

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