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With 10.2% Greece’s inflation breaks 27-year-record in April 2022

Inflation in Greece broke a 27-year-record in April reaching 10.2%, Greek Statistics Authority ELSTAT announced on Tuesday. The rise of the Consumer Price Index reached a historic high since 1995.

Consumer Price Index (CPI) of April 2022 (reference year 2020=100.0) is depicted as follows:
The CPI in
April 2022 compared with April 2021, increased by 10.2%. In April 2021, the annual rate of change of the CPI was 0.3%.
The CPI in April
2022 compared with March 2022, increased by 2.1%. In April 2021, the monthly rate of change of the CPI was 0.9%.
The average CPI for the twelve month period from May
2021 to April 2022, compared with the corresponding index for the period May 2020 to April 2021 increased by 4.4%. The annual rate of change of the average CPI between the twelve month period May 2020 to April 2021 in comparison to the period May 2019 to April 2020 was 1.6%

According to ELSTAT, natural gas went up by 122%, electricity by 78.8%, heating oil 65.1%, fuel 29%, oil and fats 22%.

Beginning of the month, the European Union Statistics Authority EUROSTAT had estimated the harmonized inflation rate in April at 9.3%. in April.

No deceleration is expected in May.

The Greek government estimates that the 3.2-billion-euro energy support package until the end of 2022 will help contain inflation by half a percentage point.

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  1. So let me get this straight, the ECB’s job is to contain inflation by lifting interest rates and tapering QE. This is what they need to do but won’t. Instead the Greek tax payer will take a loan ‘energy support package’ to reduce inflation by 0.5%.

    • Increasing interest rates will make loans and debt much more expensive. Since countries, companies and people are indebted, often quite a lot, that will make debt servicing very expensive. It will increase bankruptcy and foreclosure. People and companies will not take loans and will not invest in the economy. That will have a negative effect on the economy.

      Just like the US, Europe is stuck between a rock and a hard place. Instead of fixing this situation back in 2008, the US and Europe doubled down on the debt economy. Europe will be hit harder than America because of the war in Ukraine where the sanctions hurt Europe more than America. The proposed oil and gas embargo will make everything more expensive leading to even higher inflation. It will actually be very damaging to the economy since our industry is addicted to oil and gas.

      America can cushion the blow because the dollar is still the world’s reserve currency, although the Euro before the war in Ukraine was in par with the dollar in international and oil trade.

      • Joe, all the major economies (except Japan) are increasing interest rates to cool down inflation, what the ECB is choosing is Stagflation.. which means we will have high inflation and low economic output. I understand that increasing rates will be painful, but dumping more debt on the country to address this is nonsensical, that money should be spent on promoting growth and developing new industries, not paying the electric and gas bills for the next six months.

        The inflation was already here and the sanctions are just a self inflicted wound that will make the situation worse. I can’t understand why we are all supporting this as the sanctions will increase the carbon footprint of all the energy we purchase and make it way more expensive for years to come. The sanctions don’t seem to have stopped the war either but seems to have rather exacerbated it.