Greek inflation jumps to 11.3% y/y in May, a 29-year high

Greece’s annual consumer inflation jumped to its highest level in 29 years in May at 11.3% on the back of surging costs for energy, housing, transportation and foods, official data showed on Thursday.

Inflation quickened from 10.2% in April, according to statistics service ELSTAT. Month-on-month consumer inflation rose 0.7%.

Greece’s annual EU-harmonized inflation also rose sharply to 10.5% in May from 9.1% in April, further squeezing disposable incomes.

EU-harmonized inflation is an index of components used across the EU to measure inflation in a consistent way.

Natural gas prices soared 172.7% on an annual basis, while electricity prices increased 80.2% and those for heating oil rose 65.1%, ELSTAT said.

The cost of housing rose 35.0% year-on-year while transportation prices were up 18.8%, with foods and non-alcoholic beverages 12.1% more expensive, the data showed.