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Inflation in Greece at 11.6% in July, with natural gas to strike +178.9%

Inflation in Greece slowed to 11.6% in July compared to 12.1% in June 2022. However, housing and transport costs rose sharply, while the natural gas hit an increase of 178.9%

Greece’s Consumer Price Index (CPI) remained at record high levels in July, rising by 11.6% year-on-year, though it did slow down from the 12.1% seen in June, according to the data released on Monday by the Hellenic Statistical Authority (ELSTAT).

The average CPI for the rolling 12-month period increased by 7.1 percent. Month-on-month, the CPI dropped by 1.8 percent, after a rise of 1.6 percent in June.

The average Consumer Price Index for the twelve months of August 2021 – July 2022, compared to the corresponding Index of the twelve months of August 2020 – July 2021, showed an increase of 7.1% against a decrease of 1.1% noted during the corresponding comparison of the twelve months of August 2020 – July 2021 with the twelve months of August 2019 – July 2020.

Price increases in goods and services

The increase in inflation by 11.6% in the month of July 2022, compared to the corresponding one in July 2021, came mainly from the increases in the following groups of goods and services:

30.9% in the Housing group, mainly due to price increases in: house rents, electricity, natural gas, heating oil, solid fuels.
20.6% in the Transportation group, due mainly to price increases in: new cars, used cars, car parts and accessories, fuel and lubricants, maintenance and repair of personal transport equipment, taxi passenger transport, air passenger tickets, transfer tickets passengers by ship.
13.0% in the group Food and non-alcoholic beverages, due mainly to price increases in: bread and cereals, meats (general), fish (general), dairy and eggs, oils and fats, vegetables (general), sugar-chocolate- sweet ice creams, other foods, coffee-cocoa-tea, mineral water-soft drinks-fruit juices. Part of this increase was offset by the decrease in prices mainly for fresh fruit.
8.2% in the group Durable goods-Household items and services, due to price increases mainly in: furniture and decorative items, household textiles, household appliances and repairs, glassware-tableware and household utensils, household consumer goods, domestic services.
6.4% in the Hotels-Cafes-Restaurants group, mainly due to an increase in prices in: restaurants-patisseries-cafes, hotels-motels-inns.
3.4% in the Clothing and Footwear group, due to price increases in clothing and footwear.
2.5% in the Other goods and services group, mainly due to price increases in other personal care items.
2% in the Leisure-Cultural activities group, mainly due to price increases in: leisure and cultural durables, small leisure items-flowers-pets, cinemas-theatres, stationery and design materials, package holidays. Part of this increase was offset by the decrease in prices mainly in: audio-visual equipment-computers-repairs.
1.5% in the group Alcoholic beverages and tobacco, due mainly to an increase in prices of alcoholic beverages (not served).
0.9% in the Education group, mainly due to price increases in secondary education fees.
0.7% in the Health group, mainly due to price increases in: medical products, medical, dental and paramedical services, hospital care. Part of this increase was compensated by the decrease mainly in prices of pharmaceutical products.

source: ELSTAT

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