Inflation in Greece climbs to 5% in May

Inflation in Greece rose further in the month of May and climbed to 5% while the Eurozone average is 3,2%, the europium Statistics authority Eurostat said on Thursday.

Greece ranks third in the highest inflation within the eurozone after Bulgaria and Lithuania.

In April inflation in Greece was at 4.6%.

High prices that affect the Greek households have been recorded in housing, services and basic goods

Inflation in Greece recorded an upward trend in May, according to preliminary data from Eurostat, which stood at 5%, compared to 4.6% in April, with Greek citizens having to cope with high prices rates in basic goods, fuel, services and housing.

At the same time, inflation in the Eurozone rose to 3.2% in May, from 3% in April, a rate lower than in Greece.

Energy remains the main “headache”

The biggest factor fueling inflation continues to be energy. Energy cost prices recorded an annual increase of 20.2%, remaining at extremely high levels, despite a slight decline compared to the 21.6% recorded in the previous month.

This development directly affects both households and businesses, as it is transferred to the cost of production, transport and the provision of services.

Strong increase in services

The acceleration of price increases in the services sector is of particular concern. The relevant index increased to 5.7%, from 3.9% in April, recording a significant deterioration.

Increases in catering, tourism, transport and other services reflect the ongoing pressure on citizens’ disposable income.

Slower growth rate in food

In contrast, food inflation slowed, reaching 3.1%, compared to 3.8% in the previous month.

Despite the improvement, prices remain significantly higher than in previous years, keeping the cost of living at elevated levels.

PS summer fruits such as apricot, strawberries, peaches, watermelon and melon are literally un-accessible for the average Greek households. Not to mention tomatoes 🙁