We have not seen the worst yet, as it seems. This is because the so-called imported inflation “explosion” of 31.8% in January 2022, long before the start of the war in Ukraine.
Today’s announcement of the Hellenic Statistical Authority for the increase of the import price index in the industry is a clear indication in this direction, as the vertical increase of the import price index in the industry is usually followed by the increase of the retail prices.
The Overall Import Price Index (MPI) in Industry with base year 2015=100.0 in January 2022 recorded an increase of 31.8% compared with January 2021. The corresponding index in January 2021 had recorded a decrease of 4.8% compared with January 2020.
The Overall Index in January 2022 recorded an increase of 9.7% compared with December 2021. The corresponding index in January 2021 had recorded an increase of 2.9% compared with December 2020.
The twelve-month average Overall Index from February 2021 to January 2022, increased by 23.4% in comparison with the corresponding index of the period from February 2020 to January 2021, while the decrease recorded between the previous twelvemonth periods amounted to 11.6%.
1. Annual rates of change: January 2022 compared with January 2021
The increase of 31.8% in the Overall Import Price Index in Industry in January 2022 compared to January 2021 is on
account of the yearly changes of the sub-indices of the markets as follows:
a. 47.3% increase in the MPI of the Non-Eurozone Market.
b. 6.9% increase in the MPI of the Eurozone Market
More specifically, the aforementioned increase was the result of the yearly changes mainly of the sub-indices in the following NACE Rev.2 divisions: 
2. Monthly rates of change: January 2022 compared with December 2021
More specifically, the aforementioned increase was the result of the monthly changes mainly of the sub-indices in the following NACE Rev.2 divisions:
a. 14.3% increase in the MPI of the Non-Eurozone Market.
a. 47.3% increase in the MPI of the Non-Eurozone Market.
b. 0.8% increase in the MPI of the Eurozone Market .
The increase of 31.8% in the Overall Import Price Index in Industry in January 2022 compared with January 2021 is on account of the yearly changes of the sub-indices of the markets as follows:
More specifically, the aforementioned increase was the result of the yearly changes mainly of the sub-indices in the
following NACE Rev.2 divisions:
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