ECONOMY

Inflation accelerates to 1.4% y-o-y in July

inflation-accelerates-to-1-4-y-o-y-in-july

Consumer inflation rose 1.4% year-on-year in July, the highest rise since October 2018, Greece’s independent statistics authority ELSTAT announced on Monday.

Energy products weighed heavily in this rise, but staples such as fruits, vegetables, cheeses and oils also price increases.

The yearly rise is higher than the 1.1% recorded in June and July was the third consecutive month of positive price growth, which follows 13 months of deflation (April 2020 – April 2021).

Specifically, transport prices rose 5.8% year-on-year, mostly because of the 16.6% increase in the prices of fuels and lubricants, air tickets were up 11.4% and new cars cost 5.2% more; housing prices jumped 4.2%, boosted by gains in the prices of natural gas (72.3%), heating oil (28.9%) and electricity (0.7%); foods and non-alcoholic beverages added 1.7% and, within the category, the top gainers were non-olive oils (16.3%), lamb and venison (13.2%), fresh vegetables (8%), fresh fish (6.6%), fresh fruit (5.2%), cheeses (3.5%) and olive oil (2.6%).

With international food prices still on the rise, local food prices are expected to continue following.