Inflation jumped to an exorbitant levels in March in Greece as it climbed even higher to 8.9%, according to Hellenic Statistics Agency ELSTAT data.
The evolution of the Consumer Price Index (CPI) of March 2022 (reference year 2020=100.0) is depicted as follows: The CPI in March 2022 compared with March 2021, increased by 8.9%. In March 2021, the annual rate of change of the CPI was -1.6% (Table 2). The CPI in March 2022 compared with February 2022, increased by 2.7%. In March 2021, the monthly rate of change of the CPI was 1.2% (Table 1). The average CPI for the twelve – month period from April 2021 to March 2022, compared with the corresponding index for the period April 2020 to March 2021 increased by 3.5%. The annual rate of change of the average CPI between the twelve – month period April 2020 to March 2021 in comparison to the period April 2019 to March 2020 was -1.7%
Analysis of changes of the CPI: March 2022 I.
Monthly rates of change: March 2022 compared with February 2022 (Tables 1, 4) The 2.7% increase of the Overall CPI in March 2022, compared with the corresponding index in February 2022 is, mainly, due to the changes in the groups of goods and services as follows:
1. An increase of:
• 0.6% in the group Food and non-alcoholic beverages, due to the increase, mainly, in the prices of: bread, beef, lamb and goat, poultry, cheese, olive oil, potatoes. This increase was partly offset by the decrease, mainly, in the prices of: fresh fish, fresh vegetables.
• 0.3% in the group Alcoholic beverages and tobacco, due to the increase, mainly, in the prices of wines. • 21.1% in the group Clothing and footwear, due to the recovery of part of prices up to normal levels as before the winter sales period.
• 4.2% 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. • 0.8% in the group Household equipment, due to the recovery of prices up to normal levels as before the winter sales period.
• 5.3% in the group Transport, due to the increase, mainly, in the prices of: new motorcars, fuels and lubricants, tickets for passenger transport by air, tickets for passenger transport by sea. • 0.5% in the group Recreation and culture, due to the increase, mainly, in the prices of cinemas-theatres.
• 1.1% in the group Hotel-Cafés-Restaurants, due to the increase, mainly, in the prices of restaurants-confectioneries-cafes, hotels-motels-inns. • 0.4% in the group Miscellaneous goods and services, due to the increase, mainly, in the prices of other appliances and articles for personal care.
II. Annual rates of change:
March 2022 compared to March 2021
The 8.9% increase of the Overall CPI in March 2022, compared with the corresponding index in March 2021 is, mainly, due to the changes in the groups of goods and services as follows:
1. An increase of:
• 8.1% in the group Food and non-alcoholic beverages due to the increase, mainly, in the prices of: bread and cereals, meat, fish, seafood, milk cheese and eggs, oils and fats, fresh fruit, vegetables, sugar-chocolates-sweets-ice creams, miscellaneous food, coffee, mineral water-refreshments-fruit juices.
• 0.4% in the group Alcoholic beverages and tobacco, due to the increase, mainly, in the prices of wines.
• 6.5% in the group Clothing and footwear, due to the increase in the prices of clothing and footwear.
• 29.9% in the group Housing, due to the increase, mainly, in the prices of: rentals for dwellings, materials for the repair and maintenance of the dwelling, electricity, natural gas, heating oil.
• 3.7% 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, motor cycles, tires, fuels and lubricants, tickets for passenger transport by air, tickets for passenger transport by sea.
• 0.1% in the group Recreation and culture, due to the increase, mainly, in the prices of: small recreational items-flowers-pets, cinemas-theaters. This increase was partly offset by the decrease, mainly, in the prices of: audiovisual and information processing equipment, major durables for outdoor recreation.
• 0.9% in the group Education, due to the increase, mainly, in the prices of fees of secondary education. • 2.8% in the group Hotel-Cafés-Restaurants, due to the increase, mainly, in the prices of: restaurants-confectioneries-cafes, hotels-motels-inns.
• 0.1% 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:
• 2.9% in the group Communication, due to the decrease, mainly, in the prices of: mobile telephone equipment, telephone services.
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