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
Latest News
Vardis Vardinogiannis: ‘On a Ship’s Bridge You Always Look Forward’
Ten milestones in the half century since the creation of Motor Oil Group, as described by Vardis Vardinogiannis, who passed away on Tuesday at the age of 91
DBRS Says Greek Banks ‘Shielded’ from ECB Rate Cuts
The agency explains that fund disbursements through the banking sector will help offset pressures anticipated on interest margins beginning in 2025, due to expected rate cuts by the European Central Bank (ECB).
Meta Cuts Facebook and Instagram Subscription Fees by 40%
The social media giant also revealed that it will continue to offer free access to Facebook and Instagram for EU users, provided they agree to see ads based on a limited set of user data.
Skyrocketing Use of Debit, Credit Cards
The total value of the transactions conducted with debit and credit cards in the country in the first half of 2024 rose 2% on the corresponding period of 2023
JP Morgan Revised Greece Outlook to ‘Overweight’
The investment bank notes that Greece is showing the strongest GDP growth in the Eurozone. Additionally, efforts to clear up bank balance sheets are anticipated to yield increased capital returns.
Vardis I. Vardinogiannis, Greek Tycoon and Shipping Magnate, Dies at 91
In 1990, Vardinogiannis was targeted in an attack which involved three rockets fired at his vehicle by the terrorist organization 17 November.
Kudos for Greek Sheep’s Milk Cheeses
Graviera is the Greek version of the Swiss gruyère, and is generally considered the second most popular cheese made in the country after feta
EIB Survey: Greeks Rank Climate Change as Top Concern After Cost of Living
Specifically, 98% of the Greeks surveyed stated that the country must to adapt to climate change, with 60% saying that priority should be given to these adjustment measures
Trump Tells Putin not to Escalate Ukraine War during Phone Convo
Meanwhile, President Joe Biden, is preparing to lobby Trump against abandoning U.S. support for Kyiv
Former Thessaloniki Mayor Yiannis Boutaris Dies at 82
Boutaris entered politics in 2010, serving as the 60th mayor of Thessaloniki for two consecutive terms until 2019, becoming a transformative figure with his progressive policies.