Greek deficit soars, inflation on the rise

8 10

Both Greek inflation and the Greek deficit jumped according to the latest figures from the Hellenic Statistical Authority.

The annual inflation rate jumped to 7.2% in February, from 6.2% in January and -1.3% in February 2021, Hellenic Statistical Authority said on Thursday.

Finance Minister Christos Staikouras, in comments made to a radio station, said that he did not exclude the inflation rate rising up to 8% temporarily, depending on developments in Russian natural gas flows.

More specifically, natural gas prices jumped 78%, electricity was up 71.4%, heating oil rose 41.5%, fuel-lubricants 23.2%, oils/fat 16.8%, vegetables 15.2%, lamb 14.4%, fresh fruit 9.8%, poultry 6.8%, ice cream 6.5%, dairy/eggs 6%, bread/cereals 5.9%, veal 4.2%, coffee 4.1%, fresh fish 3.6%, air transport 22.9%, used cars 11.5%, new cars 7.6%, clothing-footwear 4.5%, motorcycles 4.4%, dental services 1.1%, house rent 0.7%.

The statistics service attributed the 7.2% increase in the consumer price index in February to a 7.1% rise in food/beverage, 5.6% in clothing-footwear, 25.4% in housing, 4.1% in durable goods, 12.2% in transport, 0.9% in education, 1.7% in hospitality. Prices fell 0.2% in alcohol, 3.1% in communications, 0.4% in entertainment and 0.2% in other goods and services.

The consumer price index rose 1.1% in February from January 2022, while the country's harmonised inflation rate rose 6.3% in February from February 2021 and rose 0.9% compared with January 2022.

Trade DeficitĀ 

The Greek trade deficit soared 98.7% in January as imports grew faster than exports for another month.

More specifically, the value of imports totaled 6.318 billion euros, up 57.9% compared with January 2021 (excluding oil products imports it grew 42.8%, while excluding oil products and ships imports it rose 42.6%).

The value of exports totaled 3.374 billion euros, up 33.9% compared with January 2021 (excluding oil products exports rose 20.4%, while excluding oil products and ships exports rose 20.2%).

The country's trade deficit totaled 2.944 billion euros in January, up 98.7% from January 2021 (excluding oil products the trade deficit grew 84.5%, while excluding oil products and ships the deficit rose 84.6%).