May 18, 2024

Athens News

News in English from Greece

Eurostat: Inflation in Greece in January at 5.5%

At 5.5% in the European Union’s harmonized index, Greece’s inflation could hit an 11-year high, Eurostat said on Wednesday, predicting further increases in the coming weeks, as the tide of price hikes continues unabated.

Eurostat predicts that inflation will reach 5.5% in January from 4.4% in December 2021. This means a “nightmare” 1.1% growth in the first month of 2022.

Eurostat estimates that Greece’s inflation rate rose by more than one percentage point in one month, from 4.4% in December 2021. The price index in November was 4.3%, and in decare 5.1% .

If the Eurostat estimates are confirmed by the Greek Statistical Office, the index will record the highest value in the last 11 years. The last time it rose this high was in September 2010, reaching 5.7%.

Relevant announcement from the Greek Statistical Office ELSTAT scheduled for February 15th.

These figures seem to be confirmed in the local market, notes daily cathimerini .

The cost of electricity increased by 300%, food and agricultural raw materials by at least 30%, and given the increase in energy and fertilizer prices, there are no prospects for a decline. The recent cold spell has already pushed up prices for fresh fruits and vegetables, while geopolitical events in Eastern Europe and growing tensions between Russia and Ukraine do not leave hope for energy tariff cuts anytime soon.

IRI market researchers found that supermarket prices increased by 5% in the week ending January 16 (assuming the assortment as a whole, but for the main food basket, prices increased by at least +30%), and coffee due to environmental allowance for all 20%. In non-food products, growth averaged 11%.

Meanwhile, a review of fuel prices by the Ministry of Development showed that on Tuesday the average price for gasoline brand 95 was 1.831 euros per liter (against 1.746 euros/l a month earlier), and for diesel fuel – 1.572 euros/l (from 1.481 euros/l). Fuel brand 100 is already noticeably higher than 2 euros per liter.

Note: the average price in Greece in August 2012, in the context of financial assistance and the economic crisis, was 1.7 euros for 95 gasoline. At the same time, the price of Brent oil was then $ 100 per barrel, and today it is $ 89.

Edition nafttemporiki and other media believe that a special tax on fuel consumption, which drives prices to the highest level among countries, is to blame. EU.

60% of the total cost of fuel is taxes.

For this reason, Greece is among the top EU countries with high fuel prices, usually after the Netherlands, Finland and Denmark, the daily notes, adding the obvious: in these countries, the average income is also several times higher than in Greece.

While the average price was 1,831 euros in Attica (1,807) and Thessaloniki (1,801), outside of these two major cities, prices got out of control. The price of gasoline with an octane rating of 95 exceeded 2 euros per liter (2.034) in the Cyclades and 1.969 in the Dodecanese. In many regions of the mainland, one can hardly find a liter cheaper than 1.9 euros, Naftoemboriki notes.

PS The author is sure that the authorities deliberately underestimate inflation figures for political purposes. Real inflation over the past year (cumulatively) exceeded 30%. And this primarily affected the standard of living of the population, which plummeted down.

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