Greek inflation surged to 7.2 pct in February

Greek inflation surged to 7.2 pct in February

Greece’s Consumer Price Index (CPI) accelerated further in February, rising by 7.2 percent compared with the same period last year, according to official statistical data released Thursday.

Data showed the surge resulted from a 78.5% rise in natural gas, 71.4% in electricity, 41.5% in heating oil, and 23.2% in fuels and lubricants.

The jump followed a rise of 6.2 percent in January, the Hellenic Statistical Authority (ELSTAT) said. On a monthly basis, the CPI rose by 1.1 percent.

With the war in Ukraine raising the cost of energy and grains, businesses and households are facing a continuing wave of price increases.

The jump makes it is clear that the target set by the Greek government in its 2022 budget for inflation of 1% is unachievable, with the Minister of Finance Christos Staikouras estimating it will be set at 4% for this year.

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