Greece: Inflation surged by 7.2% in February

All records were broken by inflation in February. According to Hellenic Statistical Authority - ELSTAT data, inflation reached 7.2% compared to 5.2% in January.

More specifically, the comparison of the general consumer price index of February 2022 with the corresponding index of February 2021 showed an increase of 7.2% compared to a decrease of 1.3% that occurred during the corresponding comparison of 2021 with 2020.

The general index in February 2022, compared to January 2022, showed an increase of 1.1% compared to an increase of 0.2% in the corresponding comparison of the previous year.

The average index of the twelve months March 2021 - February 2022, compared to the corresponding Index of the twelve months March 2020 - February 2021, showed an increase of 2.6% compared to a decrease of 1.6% in the corresponding comparison of the twelve months March 2020 - February 2021 with the twelve months March 2019 - February 2020.

Explosive increases

According to ELSTAT data, there is an increase of 78.5% in natural gas, 71.4% in electricity, 41.5% in heating oil, 23.2% in fuels and lubricants.

Increases of 16.8% were recorded in oils and fats, 15.2% in vegetables, 14.4% in lamb and goat.

As OT had written, especially after the Russian invasion of Ukraine, the upward trends of inflation are going to continue in the coming months, which started to record a positive pace from last June and escalated from the autumn (3.4% in October, 4, 8% in November and 5.1% in December, 6.2% in January).

It is certain that accuracy has been established in Greek everyday life and makes difficult the position of mainly vulnerable citizens and of course the unemployed.

Rises are worrying households, as wages have stalled in recent years and costs are rising.

Indicative are the data on the salaries of employees, who are called upon, with already reduced salaries - and high contributions - taxes, to pay an extra unbearable cost. In particular, one in two employees receives a salary of less than 800 euros and one in five receives less than 500 euros.

In this context, today and tomorrow the leaders of the 27 EU meeting in Versailles, at a time when the ECB is expected to signal flexibility for forthcoming monetary policy decisions, presenting its latest growth and inflation estimates.

Comparison of February 2022 with January 2022

The 1.1% increase of the Overall CPI in February 2022, compared with the corresponding index in January 2022 is, mainly, due to
the changes in the groups of goods and services as follows:

1. An increase of:
• 2.0% in the group Food and non-alcoholic beverages, due to the increase, mainly, in the prices of: bread, beef, cheese, yoghurt, olive oil, fresh fruit, fresh vegetables, preserved or processed vegetables, potatoes. This increase was partly offset by the decrease, mainly, in the prices of: lamb and goat, fresh fish.
• 2.9% in the group Housing, due to the increase, mainly, in the prices of: electricity, heating oil. This increase was partly offset by the decrease, mainly, in the prices of natural gas.
• 0.7% in the group Household equipment, due to the increase, mainly, in the prices of non durable household articles.
• 2.9% in the group Transport, due to the increase, mainly, in the prices of: new motorcars, fuels and lubricants, tickets for passenger transport by air.
• 0.1% in the group Hotel-Cafés-Restaurants, due to the increase, mainly, in the prices of restaurants-confectioneries-cafes.

2. A decrease of:
• 4.9% in the group Clothing and footwear, due to the period of winter sales