top of page

Greece's inflation rate increased to 12% in September

Greece's annual inflation rate increased to 12 percent in September from 11.4 percent in August and 11.6 percent in July, according to data released on Monday by the Hellenic Statistical Authority (ELSTAT).

More precisely, after a 2.4 percent increase during the same period last year, the consumer price index increased by 2.9 percent in September compared to August. Between October 2021 and September 2022, the average consumer price index increased by 8.7%.

Natural gas saw the largest percentage rise, according to ELSTAT, with a 332 percent increase, followed by air travel (58.7%), electricity (30.5 percent), lodging (25.8%), dairy-eggs (23.3 percent), coffee (14.3 percent), and petrol (14.3%). (17.7 percent).

Comparing September to the same month last year, the consumer price index increased due to rises in the food/beverage group (13.5%), alcohol/tobacco (2.0%), clothing-footwear (3.5%), housing (35.4%), durable goods (9.3%), and transportation sectors (14.2 percent).

The cost of housing rents, services for repairing and maintaining homes, electricity, natural gas, heating oil, and solid fuels have all increased, putting pressure on housing costs.

Bread, cereals, meat, fish, milk, cheese, and eggs all saw price increases, accounting for the 13.5 percent rise in food and beverage costs. Oils and fats, vegetables, sugar, chocolate, ice cream, and sweets, as well as drinks including coffee, cocoa, tea, mineral water, fruit juice, and other beverages, all saw price hikes. A fall in costs, particularly for fresh produce, somewhat countered this gain.

The cost of new automobiles, used cars, motorbikes, spare parts and accessories, gasoline and lubricants, and motorcycle and car maintenance and repair all saw price rises in the transportation sector. Transportation via taxi, plane, and sea became more expensive.

According to provisional figures published by Eurostat in September, inflation in the euro area increased to 10 percent in September from 9.1 percent in August.

Looking at the key contributors to inflation in the euro area, energy is predicted to have the greatest annual growth rate at 40.8 percent compared to 38.6 percent in August, as indicated in the relevant release. This is followed by non-energy manufactured products, which witnessed a rise of 5.6 percent compared to 5.1 percent in August, food, drink, and tobacco with an 11.8 increase, and services with a 4.3 percent gain compared to the 3.8 increase observed in August.



bottom of page