ΕΛΣΤΑΤ "anneals": inflation in Greece was 11.6% in July

Inflation in Greece slowed to 11.6% in July from 12.1% in June 2022. However, housing and transportation costs soared, natural gas prices rose by 178.9%, and electricity prices rose by almost 800%.

According to data released on Monday Statistical Office of Greecethe consumer price index (CPI) in Greece remained at a record high in July, rising by 11.6% year on year, although it slowed down from 12.1% in June (ΕΛΣΤΑΤ).

The average consumer price index for a rolling 12-month period increased by 7.1%. On a monthly basis, the consumer price index fell 1.8% after rising 1.6% in June.

The average consumer price index for the twelve months from August 2021 to July 2022, compared with the corresponding index for the twelve months from August 2020 to July 2021, showed an increase of 7.1% against a decrease of 1. 1% noted in a corresponding comparison of the twelve months from August 2020 to July 2021 with the twelve months from August 2019 to July 2020.

Rising prices for goods and services

The increase in inflation by 11.6% in July 2022, compared with the corresponding indicator in July 2021, was mainly due to an increase in the following groups of goods and services:

1. 30.9% in the group “Accommodation»mainly due to rising prices for rent for housing, electricity, natural gas, fuel oil, solid fuels.
2. 20.6% in the group “Transport”mainly due to rising prices for new and used cars, auto parts and accessories, fuels and lubricants, maintenance and repair of personal vehicles, taxi passenger transportation, passenger air tickets, transfer tickets by passenger sea transport.
3. 13.0% in the group “Food and non-alcoholic drinks», mainly due to rising prices for bread and cereals, meat (in general), fish (in general), dairy products and eggs, oils and fats, vegetables (in general), sugar-chocolate-sweet ice cream, other food products , coffee-cocoa-tea, mineral water-soft drinks-fruit juices. Part of this increase was offset by lower prices, mainly for fresh fruit.
4. 8.2% in the group Durable Goods – Household Items and Servicesdue to rising prices for furniture and decor items, home textiles, household appliances and repairs, tableware and household utensils, household consumer goods, and household services.
5. 6.4% in the group Hotels-Cafe-Restaurantsmainly due to rising prices in restaurants-pastry-cafés, hotels-motels-camping sites.
6. 3.4% in Group of clothes and shoesdue to rising prices for clothing and footwear.
7. 2.5% in the group “Other goods and services”, mainly due to higher prices for personal care products.
8. 2% in the group Leisure-Cultural events, mainly due to rising prices for durable goods for leisure and cultural activities, small goods for recreation, flowers, pets, cinema theaters, stationery and design materials, travel packages. Some of this growth was offset by lower prices, mainly for audiovisual equipment-computer-repair.
9. 1.5% in the group Alcoholic drinks and tobacco products, mainly due to rising prices for alcoholic beverages (not served).
10. 0.9% in the group “Education”mainly due to higher prices for secondary education fees.
11. 0.7% in the group “Health”, due to rising prices for medical products, medical, dental and paramedical services, inpatient treatment. Part of this increase was offset by lower pharmaceutical prices.

PS The “value” of this, so to speak, report is visible in the choice of items for comparison, when those that do not particularly affect the budget of a resident of the country are taken and put in equal shares with the most significant (weighty) cost items. The result is an annual growth of 11.6% with real inflation of almost 100%. In addition, the author of the publication has obvious doubts about the validity of these figures.

For example:

1. paragraph the increase in rental prices in Greece was indeed about 30%, but electricity has already increased on average from 200% for households (55% in the report) to 800% for businesses. Natural gas increased by at least 180% for households and up to 1000% for businesses, fuel for cars by 33%;
2. paragraph shipping costs rose 62% in one place in the report and 20.6% in the overall summary.
3. paragraph foodstuffs: the summary indicates 13%, although for vegetables and fruits this growth ranged from 50 to 100%, meat and fish products from 30 to 100%, etc.
4. paragraph 6.4% of the price of Hotels-Cafe-Restaurants: prices for hotels on average grew by 40-100%, prices in the cafeteria from 30 to 200%, in the restaurant also up to 100% increase.

The full report, translated into Russian, is attached.

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