ELSTAT: Inflation at 2.7% in August – Economic Postman

Inflation was 2.7% in August (compared to 2.5% in July) in Greece.

According to ELSTAT, from the comparison of the General CPI for the month of August 2023 with the corresponding index for August 2022, there was an increase of 2.7% compared to an increase of 11.4% that occurred during of the corresponding comparison of the year 2022 with 2021.

At the same time, the harmonized annual index showed an annual increase of 3.5% in August, repeating July’s increase. On a monthly basis, the harmonized index recorded a decrease of 0.2%.

Increase in product prices

Note that the upward trend in food prices continues (for the 18th month with a double-digit rate and 27th in total!), since the Food and non-alcoholic beverages group appreciated by 10.7%, due to ‘an increase in prices. mainly in: bread and cereals, meat (general), fish (general), dairy products and eggs, oils and fats, fruits (general), vegetables (general), sugar-chocolate-confectionery-ice cream, other foods, coffee-cocoa – tea, mineral water and soft drinks – fruit juices. At the same time, a double-digit increase in food prices is recorded. It is typical that the prices of vegetables increased by 17.6%, dairy products by 11.9%, bottled water and soft drinks by 14.4%, other food products by 12.4%. , olive oil 12%, States 9.7%.

Solid fuels also increased by 24.2%, raising questions of speculation in the timber trade as winter approaches. Pharmaceutical products also increased by 12.4%, passenger air transport by 14.1%, cinemas and theaters by 10.6% and vacation packages by 9.2%.

On the contrary, the cost of housing has fallen. In particular, the Habitat group “fell” by 12.6%, mainly due to a drop in the prices of: electricity, natural gas, fuel oil. Part of this decline was offset by price increases, mainly in the following areas: housing rents, housing repair and maintenance, utilities, LPG and solid fuels.

A sharp decline occurred in natural gas by 78.8%, in fuel oil by 20.7% and in electricity by 6.5%.

The overall CPI for August 2023, compared to July 2023, showed no change. Compared to the previous year, there was a decrease of 0.3%.

The average CPI for the twelve months of September 2022 – August 2023, compared to the corresponding index for the twelve months of September 2021 – August 2022, showed an increase of 5.5% compared to an increase of 7.9% recorded during the corresponding comparison of the twelve months. month of September 2021 – August 2022 with the twelve months of September 2020 – August 2021.

Comparison of August 2023 with July 2023

The zero variation in the general CPI in August 2023, compared to the corresponding index for July 2023, mainly comes from variations in the following groups of goods and services:

1. Increases in indicators of:

• 0.4% in the Durable Goods-Household Goods and Services group, mainly due to an increase in prices of direct consumption household items.

• 0.2% in the Health group, mainly due to an increase in the prices of medical products.

• 1.2% in the Transportation group, mainly due to the increase in fuel and lubricant prices. Part of this increase was offset by a drop in prices, mainly for airline tickets.

• 0.2% in the Hotels-Cafes-Restaurants group, mainly due to an increase in prices in restaurants-pastry shops-cafes.

• 1.1% in the Other Goods and Services group, mainly due to rising prices of other personal care items.

2. Reductions in indicators by:

• 0.2% in the Food and non-alcoholic drinks group, due to a drop in prices mainly on: breakfast cereals, fresh fish, eggs, fresh fruit. Part of this drop was offset by the increase in prices mainly of fresh whole milk, olive oil and fresh vegetables.

• 6.3% in the Clothing and Footwear group, due to general summer sales.

• 0.1% in the Residential group, mainly due to lower prices for: electricity, natural gas. Part of this decline was offset by higher prices mainly for residential rents.

• 0.4% in the Communications group, mainly due to a drop in telephone service prices.

Year-on-year comparison

The increase in the General CPI of 2.7% in August 2023, compared to the corresponding index for August 2022, mainly comes from changes in the following groups of goods and services:

1. Increases in indicators of:

• 10.7% in the Food and non-alcoholic drinks group, due to price increases mainly in: bread and cereals, meats (general), fish (general), dairy products and eggs, oils and fats, fruits (general), vegetables (general). ), sugar, chocolates-confectionery-ice cream, other foods, coffee-cocoa-tea, mineral waters-soft drinks-fruit juices.

• 3.2% in the Alcoholic beverages and tobacco group, mainly due to an increase in the price of alcoholic beverages (unserved).

• 6.9% in the Clothing and footwear group, due to the increase in clothing and footwear prices.

• 5.6% in the Durable goods-Household goods and services group, due to price increases mainly in: household appliances and repairs, glassware-dishes and household utensils, immediate consumer goods, services at home.

• 5.9% in the Health group, mainly due to the increase in prices: pharmaceutical products, medical products, medical, dental and paramedical services, hospital care.

• 1.6% in the Transport group, mainly due to the increase in prices: new cars, used cars, automobile parts and accessories, maintenance and repair of personal transport equipment, tickets of plane. Part of this increase was offset by the decline mainly in the prices of fuels and lubricants.

• 3.3% in the Leisure-Cultural Activities group, due to price increases mainly in: durable leisure and cultural goods, small leisure items-flowers-pets, cinemas-theaters, stays at package.

• 2.2% in the Education group, mainly due to the increase in prices: primary school fees, secondary school fees.

• 6.1% in the Hotels-Cafes-Restaurants group, mainly due to an increase in prices in: restaurants-pastry shops-cafes-canteens, hotels-motels-inns.

• 3.9% in the Other goods and services group, mainly due to price increases in: hair salons and personal care stores, other personal care items, health insurance premiums, health insurance premiums, car insurance.

2. The reduction of the index of:

• 12.6% in the Housing group, mainly due to lower prices for: electricity, natural gas, fuel oil. Part of this decline was offset by price increases, mainly in the following areas: housing rents, housing repair and maintenance, utilities, LPG and solid fuels.

• 3.1% in the Communications group, mainly due to a drop in telephone service prices.

Leave a Comment