Greek inflation rockets to 30-year high

Greek inflation rockets to 30-year high

Inflation in Greece surged to 11.3% year-on-year in May from 10.2% recorded in the previous month, according to the latest data from the Hellenic Statistical Authority (ELSTAT).

The latest increase is attributed to soaring costs for energy, housing, transportation, and food.

According to ELSTAT, natural gas prices saw an annual surge of 172.7%, while electricity bills increased 80.2% and expenses for heating oil grew by 65.1%. The cost of housing reportedly soared 35% year-on-year, transportation prices were up 18.8%, while prices for food and non-alcoholic beverages jumped by 12.1%.

Foods included in the ‘household basket’ saw the biggest price increases with oil and fat rising by 23.2% and dairy by 14.1%. Prices for meat, bread and cereal, and vegetables increased by 13.8%, 13.4%, and 13%, respectively.

Meanwhile, prices for fresh fruit grew by 10.8%. Coffee and tea, juice and other beverages, and sweets saw price hikes of 6.3%, 5.6%, and 4.7%, respectively. The price of fish rose 4.1%, while that of alcohol saw an increase of 2.1%.

Greece’s annual EU-harmonized inflation also saw a sharp rise to 10.5% in May from 9.1% in April, further squeezing disposable incomes. EU-harmonized inflation is an index of components used across the EU to measure inflation in a consistent way.

For more stories on economy & finance visit RT's business section

Source: www.rt.com

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