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Inflation in Greece hits record 7.2% in February; Gas up 78.5%, electricity 71.4%

Greece’s Consumer Price Index (CPI) rose further to 7.2% in February 2022, the Greek Statistics Authority said on Thursday. Media speak of the highest inflation rate in the last 16 years.

Data showed the surge resulted from a 78.5% rise in natural gas, 71.4% in electricity, 41.5% in heating oil, and 23.2% in fuels and lubricants.

The jump followed a rise of 6.2 percent in January.

On a monthly basis, the CPI rose by 1.1 percent.

The war in Ukraine raises the cost of energy and grains, however, the price increases in energy started in September 2021 pushing inflation upward already in October.

Finance Minister Christos Staikouras told Rapapolitika FM on Thursday:

“I do not rule out that we may temporarily reach 8% in a month”, depending on any developments and the gas flows from Russia.

Inflation change Feb 2021 – 2022

 

It is characteristic that in one year (February 2022 to February 2021), further significant price increases were recorded in: Natural gas (78.5%), Electricity (71.4%), Heating oil (41.5%) and Fuels and lubricants ( 23.2%).

At the same time, there were increases in the whole so-called “housewife’s basket”, except for pork (-1%) and cold cuts (-2.2%), and specifically in: Oils and fats (16.8%), Vegetables in general (15.2%), Lamb and goat (14.4%), Fresh fruit (9.8%), Meat preparations (8.1%), Poultry (6.8%), Ice cream (6, 5%), Dairy and eggs (6%), Bread and cereals (5.9%), Other food (4.4%), Beef (4.2%), Coffee (4.1%), Fresh fish ( 3.6%) and Mineral water – soft drinks – fruit juices (1.7%). While, price increases were also recorded in: Passenger transport by plane (22.9%), Used cars (11.5%), New cars (7.6%), Clothing and footwear (5.6%), Tires (4 , 9%), Mopeds- motorcycles (4.4%), Dental services (1.1%) and Rental housing (0.7%).

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