Inflation: Energy, food and transport prices rally in July

Summer sales seem to have contributed to the small decline in the general consumer price index

Ιnflation remains alive despite its slight decline during the month of July. Although last month’s general price index fell to 11.6% from 12.3% in June, nevertheless based on the data by group of goods and services it appears that consumers were burdened with unprecedented price increases.

As in July, energy was, οf course, the main culprit. Compared to the corresponding month last year, the prices of natural gas increased by 178.9%, electricity by 55.8%, heating oil by 65.1% and fuel and lubricants by 33% .

The price hikes, however, continued in other staples such as food. Large increases were seen in oils and fats by 27.3%, bread and cereals by 16.7%, dairy and eggs by 16.4%, meats by 16.7% and vegetables by 13.4%. Explosive increases are recorded in the services sector with increases of 62.3% in plane tickets, 25.4% in ship tickets, 32% in taxis and 20% in the cost of accommodation in hotels and motels.

Summer sales

However, the slight decline in the general consumer price index seems to have been to some extent due to the summer sales, since prices of “clothing – footwear” group products fell by 23.3%, as well as fuel and transport tickets, which fell by 0.9%.

According to Hellenic Statistical Authority-ELSTAT data, the increase in the general consumer index by 11.6% in July, compared to the corresponding index last year, came mainly from the increases in the indices by:

• 13.% in the group Food and non-alcoholic beverages, due to price increases mainly in: bread and cereals, meats (general), fish (general), dairy and eggs, oils and fats, vegetables (general), sugar – chocolates – sweets – ice creams, other foods, coffee – cocoa – tea, mineral water – soft drinks – fruit juices. Part of this increase was offset by the decrease in prices mainly for fresh fruit.

•1.5% in the group Alcoholic beverages and tobacco, due mainly to an increase in prices of alcoholic beverages (not served).

• 3.4% in the Clothing and footwear group, due to price increases in clothing and footwear.

• 30.9% in the Housing group, mainly due to price increases in: house rents, electricity, natural gas, heating oil, solid fuels.

• 8.2% in the group Durable goods – Household goods and services, due to price increases mainly in: furniture and decorative goods, household textiles, household appliances and repairs, glassware – tableware and household utensils, household consumables , domestic services.

• 0.7% in the Health group, mainly due to price increases in: medical products, medical, dental and paramedical services, hospital care. Part of this increase was compensated by the decrease mainly in prices of pharmaceutical products.

• 20.6% in the Transportation group, due mainly to price increases in: new cars, used cars, car parts and accessories, fuel and lubricants, maintenance and repair of personal transport equipment, taxi passenger transport, air passenger tickets, tickets passenger transport by ship.

• 2% in the Leisure – Cultural activities group, due to price increases mainly in: leisure and cultural durable goods, small leisure items – flowers – pets, cinemas – theatres, stationery and design materials, holiday package. Part of this increase was offset by the decrease in prices mainly in: audio-visual equipment – computers – repairs.

• 0.9% in the Education group, mainly due to an increase in the prices of secondary education fees.

• 6.4% in the group Hotels – Cafes – Restaurants, mainly due to an increase in prices in: restaurants-pastry shops – cafes, hotels – motels – inns.

• 2.5% in the Other goods and services group, mainly due to price increases in other personal care items.

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