Greece: 6.2% inflation in January – highest in 25 years

Inflation in Greece rose to 6.2% in January 2022, the Greek Statistics Office said on Tuesday ΕΛΣΤΑΤ. Energy and commodity prices continue to rise in February, hitting the pockets of citizens.

Inflation in Greece began to rise from September 2021and last month Eurostat warned of high rates of price growth.

Hellenic Statistical Office (ELSTAT) announces a revised consumer price index with a base year in relation from January 2020, taking the value as “0”, by January 31, 2022.

CONSUMER PRICE INDEX: January 2022, 6.2% annual inflation

The dynamics of the consumer price index (CPI) for January 2022 (base year 2009 = 100.0) is presented as follows:

The CPI in January 2022 increased by 6.2% compared to January 2021. In January 2021, the annual rate of change of the CPI was 2.%.

CPI in January 2022 compared to December 2021 decreased by 0.3%. In January 2021, the monthly CPI change rate was 1.3%.

The average CPI for the twelve-month period from February 2021 to January 2022, compared with the corresponding indicator for the period from February 2020 to January 2021 increased by 1.9%. The annual rate of change of the average CPI for the 12-month period February 2020 – January 2021 compared to the period from February 2019 to January 2020 was 1.5%.

Read more analysis at ΕΛΣΤΑΤ

Financial newspaper analysis Oikonomikos Taxydromos

The publication notes that over the past quarter, the average price in supermarkets has increased: for potatoes – by 47%, for spaghetti – by 23%, for olive oil – by more than 10%, for fresh milk and cheese – by 8%, for meat assorted products – by 5%, for detergents – by 4%. Data taken from website (the editors recommend this interesting and useful site). It is worth noting that, according to the IOBE Economic Survey for January, the percentage of consumers who say that their food costs reach 65% of their income has risen sharply, which is already poverty level.

The next months will be even more difficult.

Inflationary pressures on electricity, car fuel and heating costs, putting significant pressure on household budgets, will continue in the coming months, forecasts say IOBE .

Indeed, in the data recently published by the European Commission, the inflation forecast in Greece reaches 3.1% (0.8% of the budget forecast) for 2022, while the previous one was only 1%. It is worth noting that this assessment is fully consistent with the latest Bank of Greece, which has already sounded the alarm.

According to the latest published estimates by Eurostat, the harmonized consumer price index in Greece in January is forecast to reach 5.5%, compared to a 4.4% annual change in December 2021. It is worth noting that the last time the harmonized consumer price index was above 5% was in December 2010 (5.2%), while in the same year it reached 5.7% (September 2010). Of course, it is worth remembering that nominal wages in Greece in 2020 were higher than they are today.

PS The author has already written several times that the inflation data shown by ΕΛΣΤΑΤ do not fit in well with the data given by other sources. So, most likely, the level of inflation in the country is deliberately underestimated due to the political interests of the ruling party. By the way, this is constantly says the oppositiondemanding to reduce taxes on fuel, since the increase in fuel prices entails an increase in prices for all types of goods and services.

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