Greek Inflation Rises To 12% y/y In September, Near Three-Decade High

By Dayeeta Das
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Greek Inflation Rises To 12% y/y In September, Near Three-Decade High

Greece's annual consumer inflation accelerated to 12.0% in September from 11.4% in the previous month, remaining at its highest level in nearly three decades, data showed.

Surging costs for energy, housing, transportation and food were the main factors underpinning the figures, statistics service ELSTAT said. Month-on-month consumer inflation rose 2.9%.

Greece's annual EU-harmonised inflation accelerated to 12.1% in September from 11.2% in August, continuing to squeeze disposable incomes.

EU-harmonised inflation is an index of components that is used across the EU to measure inflation in a consistent way.

Natural gas prices soared 332% on an annual basis, while electricity prices were up 30.5% and those for heating oil up 65.1%, ELSTAT said.


The cost of housing rose 35.4% year-on-year in September while transportation prices were up 14.2%, with foods and non-alcoholic beverages 13.5% more expensive, the data showed.

Euro Zone Inflation

Euro zone inflation zoomed past forecasts to hit a fresh record high in September, reinforcing expectations for another jumbo interest rate hike from the European Central Bank in October.

Price growth in the 19 countries sharing the euro accelerated to 10.0% in September from 9.1% a month earlier, data from Eurostat, beating expectations for a reading of 9.7%.

Elsewhere, inflation was at its highest in Germany more than a quarter of a century in September, driven by high energy prices, data showed, as analysts warned that the energy crisis has yet to make itself fully felt.


Consumer prices, harmonised to make them comparable with inflation data from other European Union countries (HICP), increased by 10.9% on the year, the federal statistics office said.

News by Reuters, edited by ESM – your source for the latest retail news. Click subscribe to sign up to ESM: European Supermarket Magazine.

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