Inflation hits 12.1% in June, highest in Greece since Nov 1993

With 12.1% inflation in Greece hit a new historic record in June, the highest since November 1993, Statistics Authority ELSTAT announced on Friday. Note that inflation was at 11.3% in May 2022.

Monthly rates of change: June 2022 compared with May 2022 
The 1.6% increase of the Overall CPI in June 2022, compared with the corresponding index in May 2022 is, mainly, due to the changes in the groups of goods and services as follows:
1.. An increase of:
• 1.5% in the group Food and non–alcoholic beverages, due to the increase, mainly, in the prices of: bread and cereals, beef, pork, poultry, fresh fish, cheese, other edible oils, fresh fruit. This increase was partly offset by the decrease, mainly, in the prices of: fresh vegetables, potatoes.
• 9.1% in the group Clothing and footwear, due to the recovery of prices up to normal levels before the 10–day period of
summer sales.
• 1.9% in the group Household equipment, due to the increase, mainly, in the prices of non–durable household articles.
• 6.2% in the group Transport, due to the increase, mainly, in the prices of: new motor cars, second hand motor cars, diesel,
petrol, passenger transport by taxi, tickets for passenger transport by air.
• 1.4% in the group Hotel–Cafés–Restaurants, due to the increase, mainly, in the prices of: restaurants–confectioneries–cafes, hotels–motels–inns.
• 1.3 in the group in the group Miscellaneous goods and services, due to the increase, mainly, in the prices of other appliances and articles for personal care.

2. A decrease of:
• 2.4% in the group Housing, due to the increase, mainly, in the prices of: electricity, natural gas.

Annual rates of change: June 2022 compared with June 2021
The 12.1% increase of the Overall CPI in June 2022, compared with the corresponding index in June 2021 is, mainly, due to the changes in the groups of goods and services as follows:
1. An increase of:
• 12.6% in the group Food and non–alcoholic beverages due to the increase, mainly, in the prices of: bread and cereals, meat, fish, milk–cheese and eggs, oils and fats, fresh fruit, vegetables, sugar–chocolates–sweets–ice creams, food n.e.c., coffee–cocoa–tea, mineral water–refreshments–fruit juices.
• 0.9% in the group Alcoholic beverages and tobacco, due to the increase, mainly, in the prices of alcoholic beverages (not
served).
• 4.6% in the group Clothing and footwear, due to the increase in the prices of clothing and footwear.
• 31.5% in the group Housing, due to the increase, mainly, in the prices of: rentals for dwellings, materials for the repair and maintenance of the dwelling, electricity, natural gas, heating oil, solid fuels.
• 6.5% in the group Household equipment, due to the increase, mainly, in the prices of: furniture and furnishings, household appliances and repair, glassware–tableware and utensils of domestic use, non–durable household articles, domestic services.
• 0.6% in the group Health, due to the increase, mainly, in the prices of: medical products, medical, dental and paramedical
services, hospital and clinic services. This increase was partly offset by the decrease, mainly, in the prices of pharmaceutical
products.
• 25.0% in the group Transport, due to the increase, mainly, in the prices of: new motor cars, second hand motor cars, spare parts and accessories for motor cars, fuels and lubricants, maintenance and repair of motor cars–motor cycles, passenger transport by taxi, tickets for passenger transport by air, tickets for passenger transport by sea.
• 1.7% in the group Recreation and culture, due to the increase, mainly, in the prices of: major durables for recreation and
culture, small recreational items–flowers–pets, cinemas–theatres, stationary and drawing materials, package holidays. This
increase was partly offset by the decrease, mainly, in the prices of: audiovisual and information processing equipment, books.
• 0.9% in the group Education, due to the increase, mainly, in the prices of fees of secondary education.
• 6.5% in the group Hotel–Cafés–Restaurants, due to the increase, mainly, in the prices of: restaurants–confectioneries–cafes,
hotels–motels–inns.
• 2.3% in the group Miscellaneous goods and services, due to the increase, mainly, in the prices of other appliances and articles for personal care.

 A decrease of:
• 2.3% in the group Communication, due to the decrease, mainly, in the prices of: mobile telephone equipment, telephone
services.

According to ELSTAT, announcement “CONSUMER PRICE INDEX: June 2022, annual inflation 12.1%“, the evolution of the Consumer Price Index (CPI) of June 2022 (reference year 2020=100.0) is depicted as follows:

The CPI in June 2022 compared with June 2021, increased by 12.1%. In June 2021, the annual rate of change of the CPI was 1.0%

The CPI in June 2022 compared with May 2022, increased by 1.6%. In June 2021, the monthly rate of change of the CPI was 0.9%.

The average CPI for the twelve – month period from July 2021 to June 2022, compared with the corresponding index for the period July 2020 to June 2021 increased by 6.2%. The annual rate of change of the average CPI between the twelve – month period July 2020 to June 2021 in comparison to the period July 2019 to June 2020 was –1.3%.

More details on ELSTAT website here (English).