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Greek inflation jumps to 11.3% y/y in May, a 29-year high
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ATHENS (Reuters) – 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.
ATHENS (Reuters) – 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-harmonised inflation also rose sharply to 10.5% in May from 9.1% in April, further squeezing disposable incomes.
EU-harmonised 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.
(Reporting by George Georgiopoulos; Editing by Kim Coghill)
Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power. It is typically measured annually and can impact economic stability.
EU-harmonised inflation is a measure of inflation that is calculated using a consistent methodology across EU member states, allowing for comparability of inflation rates.
ELSTAT, the Hellenic Statistical Authority, is responsible for collecting and publishing statistical data in Greece, including economic indicators like inflation and GDP.
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