Consumer price index in Greece saw an increase in September 2021 and inflation rose to 2.2%, Greek Statistics Authority ELSTAT reported on Friday. Compared to September 2020, prices went up for natural gas 108.5%, vegetables 21.1%, goat 17.5%, fuel 18%, air transport 20.9%.
Comparing the General Consumer Price Index in September 2918, 2020 and 2021, ELSTAT reported an increased of 2.2% in 2021 and 2020, while there was a decrease of 2% in 2020 compared to 2019., price increases
The General CPI in September 2021, compared to August 2021, showed an increase of 2.4% compared to an increase of 2% in the corresponding comparison of the previous year.
The average CPI of the twelve months October 2020 – September 2021, compared to the corresponding Index of the twelve months October 2019 – September 2020, showed a decrease of 0.4% compared to a decrease of 0.7% in the respective comparison of the twelve months October 2019 – September 2020 with the twelve months October 2018 – September 2019.
CONSUMER PRICE INDEX: September 2021, annual inflation 2.2%
The evolution of the Consumer Price Index (CPI) of September 2021 (reference year 2009=100.0) is depicted as follows:
The CPI in September 2021 compared with September 2020, increased by 2.2%. In September 2020, the annual rate of change of the CPI was
–2.0% (Table 2).
The CPI in September 2021 compared with August 2021, increased by 2.4%. In September 2020, the monthly rate of change of the CPI was 2.0%
The average CPI for the twelve – month period from October 2020 to September 2021, compared with the corresponding index for the period October 2019 to September 2020 decreased by 0.4%. The annual rate of change of the average CPI between the twelve – month period October 2019 to September 2020 in comparison to the period October 2018 to September 2019 was –0.7%
Analysis of changes of the CPI: September 2021
I. Monthly rates of change: September 2021 compared with August 2021
The 2.4% increase of the Overall CPI in September 2021, compared with the corresponding index in August 2021 is, mainly, due to the changes in the groups of goods and services as follows:
1. An increase of:
• 1.2% in the group Food and non–alcoholic beverages, due to the increase, mainly, in the prices of: bread, beef, lamb and goat, fresh fish, olive oil, fresh fruits, fresh vegetables. This increase was partly offset by the decrease, mainly, in the prices of: poultry, dried salted or smoked meat, cheese.
• 40.4% in the group Clothing and footwear, due to the recovery of prices up to normal levels as before the summer sales period.
• 0.3% in the group Housing, due to the increase, mainly, in the prices of natural gas.
• 2.1% in the group Household equipment, due to the recovery of prices up to normal levels as before the summer sales period and the increase, mainly, in the prices of: non–durable household articles, domestic services.
• 0.3% in the group Health, due to the increase, mainly, in the prices of: medical, dental and paramedical services, hospital care.
• 0.2% in the group Transport, due to the increase, mainly, in the prices of: petrol, tickets for passenger transport by air.
• 0.4% in the group Recreation and culture, due to the increase, mainly, in the prices of major durables for outdoor recreation.
• 0.8% in the group Education, due to the increase, mainly, in the prices of fees of secondary education.
• 0.4% in the group Hotel–Cafés–Restaurants, due to the increase, mainly, in the prices of restaurants– confectioneries–café.
• 0.8% in the group Miscellaneous goods and services, due to the recovery of personal effects prices up to normal levels as before the summer sales period and the increase, mainly, in the prices of other appliances and articles for personal care.
A decrease of:
• 0.2% in the group Communication, due to the decrease, mainly, in the prices of telephone services.
Full ELSTAT REPORT in English here.
PS Never mind, the price hikes when wages remain the same. This morning I saw …a Belharra frigate sailing by with cheerful Navy sailors waving and blowing kisses…
Constantly using changes, e.g. it is up/down x %, isn’t very helpful. If you look at the published figures for CPI, i.e. the absolute cost of a basket of goods, it has been pretty flat for the last 6 years at 106 ± 2% where the reference year was 2009 = 100. By comparison from the 60s up to the financial crash CPI rose by a factor of 100x. It goes through cyclical changes throughout the period sometimes dropping and sometimes rising a percent or two. In 2020 it dropped because of COVID but still didn’t get quite as low as it was in early 2016. Now with COVID recovery it is rising but still hasn’t got as high as it was in 2018.
I think the real problem at the moment is the drop in incomes because of all the closures caused by COVID. I think inflation is coming big time but it hasn’t really hit home yet.