Inflation in Greece jumped to 10.2% in April – Back to the bygone 1995

Inflation in Greece jumped to 10.2% in April, according to data released by the Hellenic Statistical Authority. A similar percentage was recorded in November 1994, while in March 1995 it fell for the first time to single digits.

Explosive increases of up to 122.6% are recorded: in the price of natural gas, by 88.8% in electricity and by 65.1% in heating oil. Oils also increased by 22%, meats by 14%, vegetables by 13% and dairy products by 11.7%. Bread is a total of 10% higher.

The evolution of the Consumer Price Index (CPI) of April 2022 (reference year 2020 = 100.0) is depicted as follows:

The CPI in April 2022 compared to April 2021, increased by 10.2%. In April 2021, the annual rate of change of the CPI was -0.3%.

The CPI in April 2022 compared to March 2022, increased by 2.1%. In April 2021, the monthly rate of change of the CPI was 0.9%.
The average CPI for the twelve – month period from May 2021 to April 2022, compared with the corresponding index for the period May 2020 to April 2021 increased by 4.4%. The annual rate of change of the average CPI between the twelve – month period May 2020 to April 2021 in comparison to the period May 2019 to April 2020 was -1.6%.

Analysis of changes of the CPI: April 2022

I. Monthly rates of change: April 2022 compared to March 2022.

The 2.1% increase of the Overall CPI in April 2022, compared to the corresponding index in March 2022 is, mainly, due to the
changes in the groups of goods and services as follows:

1. An increase of:
• 2.5% in the group Food and non-alcoholic beverages, due to the increase, mainly, in the prices of: bread, beef, pork, lamb and goat, poultry, fresh whole milk, yoghurt, cheese, eggs, oil and fats, fresh vegetables, frozen vegetables, coffee. This increase was partly offset by the decrease, mainly, in the prices of: pasta products and couscous, fresh fish.
• 14.1% in the group Clothing and footwear, due to the recovery of prices up to normal levels as before the winter sales period.
• 4.0% in the group Housing, due to the increase, mainly, in the prices of: electricity, natural gas, heating oil.
• 0.4% in the group Household equipment, due to the increase, mainly, in the prices of non-durable household articles.
• 0.3% in the group Transport, due to the increase, mainly, in the prices of: new motorcars, petrol. This increase was partly offset by the decrease, mainly, in the prices of: diesel, tickets for passenger transport by air.
• 0.6% in the group Recreation and culture, due to the increase, mainly, in the prices of package holidays.
• 0.9% in the group Hotel-Cafés-Restaurants, due to the increase, mainly, in the prices of restaurants-confectioneries-cafes

2. A decrease of:
• 0.5% in the group Alcoholic beverages and tobacco, due to the decrease, mainly, in the prices of wines.

II. Annual rates of change: April 2022 compared to April 2021

The 10.2% increase of the Overall CPI in April 2022, compared to the corresponding index in April 2021 is, mainly, due to the
changes in the groups of goods and services as follows:

1. An increase of:
• 10.9% in the group Food and non-alcoholic beverages due to the increase, mainly, in the prices of: bread and cereals, meat, fish, milk-cheese and eggs, oils and fats, fresh fruit, vegetables, sugar-chocolates-sweets-ice creams, food n.e.c., coffee-cocoatea, mineral water-refreshments-fruit juices.
• 1.6% in the group Clothing and footwear, due to the increase in the prices of clothing and footwear.
• 35.2% in the group Housing, due to the increase, mainly, in the prices of: rentals for dwellings, electricity, natural gas, heating oil, solid fuel.
• 4.2% in the group Household equipment, due to the increase, mainly, in the prices of: furniture and furnishings, household textiles, glassware-tableware and utensils of domestic use, non-durable household articles, domestic services.
• 15.4% in the group Transport, due to the increase, mainly, in the prices of: new motorcars, second hand motorcars, spare parts and accessories for motorcars, fuels and lubricants, maintenance and repair of motorcars-motorcycles, tickets for passenger transport by air, tickets for passenger transport by sea.
• 1.2% in the group Recreation and culture, due to the increase, mainly, in the prices of: major durables for recreation and culture, small recreational items-flowers-pets, cinemas-theaters, stationary and drawing materials, package holidays. This increase was partly offset by the decrease, mainly, in the prices of audiovisual and information processing equipment.
• 0.9% in the group Education, due to the increase, mainly, in the prices of fees of secondary education.
• 3.8% in the group Hotel-Cafés-Restaurants, due to the increase, mainly, in the prices of: restaurants-confectioneries-cafes, hotels-motels-inns.
• 0.9% in the group Miscellaneous goods and services, due to the increase, mainly, in the prices of other appliances and articles for personal care. This increase was partly offset by the decrease, mainly, in the prices of motor vehicle insurance.

2. A decrease of:
• 2.7% in the group Communication, due to the decrease, mainly, in the prices of: mobile telephone equipment, telephone
services