Greek inflation jumps to 11.3% y/y in May, a 29-year high

Greek inflation jumps to 11.3% y/y in May, a 29-year high

Greece’s annual consumer inflation jumped to its highest level in 29 years in May at 11.3% on the back of surging costs for energy, housing, transportation and foods, official data showed on Thursday.

Inflation quickened from 10.2% in April, according to statistics service ELSTAT. Month-on-month consumer inflation rose 0.7%.

Greece’s annual EU-harmonized inflation also rose sharply 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.

Natural gas prices soared 172.7% on an annual basis, while electricity prices increased 80.2% and those for heating oil rose 65.1%, ELSTAT said.

The cost of housing rose 35.0% year-on-year while transportation prices were up 18.8%, with foods and non-alcoholic beverages 12.1% more expensive, the data showed. [Reuters]

Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.