Inflation: An almost 30-year record is coming in Greece
The record set in the second half of 1993 to be “broken” by inflation in June.
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Eurostat’s announcement of the harmonized Price Index (12% in June) certifies that the “national” Consumer Price Index, which will be announced by Greek statistical authority next Friday July 8, it will show even higher charges, which reduce citizens’ incomes.
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However, Greece had recorded inflation of 12% since December 1993, which is the highest in nearly 29 years.
It is worth noting that in its recent monetary policy reportthe Bank of Greece revised down its forecast for growth to 3.2% (1.8% in the unfavorable scenario) and expects inflation for the whole of the current year to be 7.6%.
Greece’s problem
It is worth noting that in Eurostat’s measurement, Greece is in June 5th in inflation in the Eurozone, below Estonia with 22%, Lithuania 20.5%, Latvia 19%, Slovakia 12.5%.
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Spain had 10%, Portugal 9%, Italy 8.5%, Germany 8.2%, France 6.5%. The Eurozone as a whole averaged 8.6%, which was also an all-time high (previously May at 8.1%).
The most worrying thing for our country is that month by month in Greece the other precision was 2.5 percentage points, the 2nd largest in the Eurozone (Estonia 2.8%, Slovenia 2.3% Latvia-Lithuania 2, 2%, Eurozone m/o 0.8%) while in other countries the accuracy “slows down” (Germany and the Netherlands had a decrease of -0.1%). However, Greece’s inflation is 3.4 percentage points above the eurozone average.
Inflation in the eurozone
In terms of what played a role in the new big rise in eurozone inflation, energy has the highest annual rate in June (41.9%, up from 39.1% in May), followed by food, alcohol and tobacco (8 .9%, versus 7.5% in May), non-energy industrial goods (4.3%, versus 4.2% in May) and services (3.4%, versus 3.5% in May).
According to the survey of the Athens Chamber of Commerce, necessities and vacations are the first expenses that households limit due to price increases.
One in five have cut back on consumer goods and almost one in two say they will take fewer holidays this year, mainly due to financial difficulties.