Ιnflation jumped to a new high in March creating an additional nightmare for households and businesses. According to Greece Statistics Authority ELSTAT inflation recorded 8.9% with the General Consumer Price Index to have increased by 2.7% compared to February.
Electricity prices increased by 79%, gas by 68% and heating oil by 58.5%.
An increase of 19.9% is noted in oils and 13% in vegetables.
The increases recorded in the transport sector are also very high: plane tickets showed an increase of 26.8% and ferries and ship tickets rose by 16%.
At the same time, the cost of accommodation in hotels and motels rose 18.5%.
The increase of the General Consumer Price Index by 8.9% in March 2022, compared to the corresponding Index of March 2021, came mainly from the changes in the following groups of goods and services:
8.1% in the group Food and non-alcoholic Beverages, due to increase in prices mainly of: bread and cereals, meat (in general), fish (in general), dairy and eggs, oils and fats, fresh fruit, vegetables (in general), sugar-chocolates -sweets-ice creams, other foods, coffee, mineral water-soft drinks-fruit juices.
29.9% in the Housing group, due mainly to the increase of prices in: residential rents, home repair and maintenance items, electricity, natural gas, heating oil.
15.4% in the Transport group, due to the increase of prices mainly in: new cars, used cars, mopeds-motorcycles, tires, fuel and lubricants, passenger transport tickets by plane, passenger transport tickets by ship.
0.4% in the group Alcoholic Beverages and tobacco, due mainly to rising prices for wines.
6.5% in the group Clothing and Footwear, due to price increases in clothing and footwear.
3.7% in the group Durable goods-Household items and services, due mainly to the increase of prices in: furniture and decorative items, household textiles, glassware and household utensils, household household items, household services.
0.1% in the group Leisure-Cultural activities, due mainly to the increase of prices in: small leisure items-pet animals, cinemas-theaters. Part of this increase was offset by lower prices mainly in: audiovisual equipment-computers-repairs, durable leisure goods.
0.9% in the Education group, mainly due to the increase in the prices of secondary education tuition fees.
ELSTAT inflation report here in English
This is what happens when you shut down the society, print ridiculous amounts of money out of thin air and add every single supply chain problem on top. And most people were for this. Enjoy the hell you created for youself
So in your little world there is no war in Europe between one of the biggest energy suppliers in the world and a country that is one of the biggest food producers in Europe? In your tiny world it’s all because people sat around at home a bit too much that energy and food prices have gone through the roof.
‘By 2030, you will own nothing and you will be happy’ (according to Mr. Klaus Schwab of the World Economic Forum). That’s the agenda they are rolling out. The first part will be true, the second part I’m not do sure about. Anyway, that’s why they created these silly measures for a virus that’t a little bit more dangerous than the flu. And who created the war in Ukraine? The West I think, no? Please wake up my friend
So in your tiny world inflation wasn’t already running hot a year ago when nobody had even mentioned the word “war”? In your little world oil price didn’t go from 50 bucks to 77 bucks in 2021? Wheat certainly didn’t go up 20% before any war right? And price of lumber didn’t triple? In your microscopic world all this happened in the last 6 weeks because Putin bad and you support the current thing?
…and in your tiny world a virus that has killed millions around the planet is just like a cold and should be totally ignored just because you can’t stand the thought of your own company for too long. Take your tin hat off. Of course trying to save millions of lives is going to come at a cost to economies but in my world I prefer that to being buried six feet under with what’s left of my family crying at my graveside. The most recent rises are all down to Putin and were avoidable – however the rises caused by Covid were unavoidable. You think things would be cheaper if everyone had just gone to work as normal and every business had ended up with half its workforce dead?
Food for thought
Ukraine supplies approx 10% of world wheat
Ukraine has approx 13 million tonnes of old crop maize
4 mllion tonnes of old crop wheat
That were due to be exported in the next few months .
But no available port !
It is a bit of both what N and Chris wrote. Before the war in Ukraine, inflation was already in the rise due to what N wrote. That is now compounded by what Chris wrote.
And it is going to be a lot worse.
Yes. 100% that. The war is making it worse fast but it was all in motion before
There were already supply chain issues before this war which led to inflation but now with the lock down in Shanghai in China, it is only getting worse. Increased fuel prices, food shortage and shortage on fertilizers as well as shortage of raw material will increase inflation sharply. Globalization is so intertwined that disruptions for whatever reason will have huge consequences globally.
The West can’t increase interest rates to combat inflation. It would crush local businesses and debtors. It either does it after all or there will be a great reset and anything can happen. Dire times ahead. Almost sounds like a plan.
We are all being brainwashed!!😣