Inflation stood at 6.2 in January due to the energy crisis, breaking a 25-year record. In December, it stood at 5.1% and in January 2021, it had recorded a decrease of 2% compared to January 2020.
The ELSTAT data show increases of 154.8% in natural gas, 56.7% in electricity, 36% in heating oil.
Also, on a 12-month basis, there are increases of 21.6% in fuel and lubricants, 14.4% in fresh vegetables, 6.3% in cheese, 6.1% in yogurt, 5% in bread, 6.6% in flour and 7.1% in pasta.
The highest inflation was recorded in January 1997 (6.8%) when the country still had the drachma as its national currency.
More specifically, according to the data of the Hellenic Statistical Authority (ELSTAT):
- The annual consumer price index (CPI) increased by 6.2% compared to the corresponding index in January 2021.
- The average consumer price index for the 12 months February 2021 – January 2022, showed an increase of 1.9% compared to the corresponding index for the period 2020 – 2021.
- The monthly consumer price index, however, decreased by 0.3% compared to December 2021.
As moneyreview analyzes, the protagonists of inflation, as proved by the above, are energy prices. The cost of electricity, in particular, is close to 218 euros per megawatt hour, while gas is around 80 euros per megawatt hour and Brent oil at $ 95 a barrel.
If you look at the prices of pumps today, the average price of unleaded is around 1,865 euros per liter, breaking one record after another every day.
A foretaste of the explosion of inflation was given in the previous days by Eurostat, which had announced that in terms of a harmonized index of consumer prices, the bar in Greece rose to 5.5% in January from 4.4% in December.
And while family budgets and businesses are under unbearable pressure, it seems that a different pressure is being exerted on the government. That of the markets, which limits any government possibility for benefits against accuracy as the cost of borrowing the Greek government, as reflected in the yields on 10-year bonds, has risen to 2.62%, from just 0.53% in August 2021 .
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