Greece’s annual inflation rate jumped to 4.8% in November from 3.4% in October and after a -2.1% reading in November 2020, Hellenic Statistical Authority said on Friday. The European Statistics Authority EUROSTAT had said on Nov 30 that Greece’s annual inflation was expected to rise to 4.3% in November -see post here.
Energy products soared in the last 12 months, with natural gas prices up 180.9%, heating oil up 45.2%, electricity up 37.8% and fuel up 24.9%, while at the same time, price increases were recorded in several goods included in the so-called household basket, such as lamb (21.3%), olive oil (18.5%), potatoes (11.9%), fresh fish (9.8%), bread (4.3%), coffee (3.9%) and cheese (3.5%).
On a monthly basis, prices increases were recorded in natural gas (31.7%), electricity (15.9%), fresh fruit (3.5%), potatoes (3.2%), lamb (2.9%), pork (2.1%), bakery products (2.1%), cheese (2.1%), vegetables (1.7%), fuel/lubricants (1.6%), new cars (1.3%), poultry (1.2%) and fresh fish (1.1%).
The statistics service said the increase in the consumer price index in November reflected increases in: food/beverages (3.5%), clothing/footwear (3.9%), housing (17.7%), durable goods (2.3%), transport (9.3%), education (0.3%) and hospitality (1.3%). On the other hand, the consumer price index fell 0.1% in alcohol/tobacco, 0.1% in health, 2.7% in communications, 0.3% in entertainment and 0.7% in other goods and services.
The consumer price index rose 0.5% in November from October 2021, after a 0.9% decline recorded in the same period last year. Greece’s harmonised inflation rate was 4.0% in November, from 2.8% in October and -2.1% in November 2020. On a monthly basis, the harmonised index was up 0.3% in November from October 2021.
PS Never mind the inflation of almost 5%. Government ministers cheer the hikes in energy are temporary and Greece will experience an unprecedented growth next year. In this sense, there is no reason to adjust salaries and wages…
