of Chrysostomos Tsoufis
Train without brakes o inflationbreaks one record after another in the eurozone.
It jumped to 8.1% in May, according to the European Statistical Office. Never before has the old continent been faced with such high inflation.
Its uncontrollable course becomes particularly evident in the Greek case. Inflation in Greece rose in just one month from 9.1% to 10.7%, ie 17.5% increased, and now Greece has the fifth highest inflation in Europe.
This is the third largest increase in Europe behind only Lithuania and Latvia, a fact that should concern the Greek authorities.
It is now considered a given that on June 9 the Hellenic Statistical Authority will announce for May inflation higher than 11%, not even 12%.
According to Eurostat data, energy inflation in May was at 39.2%, something expected given the prices of gas and oil. Particularly worrying, however, are the data on food inflation, which remains at 9.1% and services, which has slowly and steadily reached 3.5%.
And the data show that inflation will persist. The European agreement on an embargo on Russian oil, even in 2 phases, is “pushing” the oil above $ 119 / barrel at the moment and all the analyzes want it at these levels for the whole summer. Especially in Greece the so-called precursor indicators are worrying.
The most up-to-date, industrial production index increased by almost 49% in April compared to the same period last year.
In Europe, of course, for another meeting, the leaders of the Member States will do their best to see and hear nothing and will kick the tin of any decisions in the future.
In Greece, the government states that at the moment it can do nothing, as it has no financial margins, but is looking for money to intervene.
In any case, however, any national intervention is not enough …. The … barn has now “lit up” and the buckets are doing nothing ..
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