Greece’s annual inflation rate rose to 3.8% in August from 3.4% in July, with housing, transport and hospitality costs among the main drivers, data from the country’s statistics service ELSTAT showed on Wednesday.
Consumer prices rose 0.4% month-on-month in August, while average inflation for the 12 months to August stood at 3.4%. Annual inflation had eased from 5.4% in April to 5.2% in May, 4.4% in June and 3.4% in July before rising again in August.
Housing and transport lead price increases
Housing costs rose 9.7% year-on-year in August, making it the biggest contributor to the increase in consumer prices. Transport costs rose 7.7%, while prices for hotels, cafes and restaurants increased by 6%.
Clothing and footwear prices rose 5.3%, insurance and financial services by 3.4%, and education costs by 2.8%.
Some individual items recorded much sharper increases than the headline inflation rate. Heating oil prices jumped 53.2% from a year earlier, while natural gas prices rose 40.2%.
Diesel prices increased 30.6% and petrol prices rose 15.3%. Air transport costs were 17.4% higher than a year earlier, while residential rents increased 6.2%. Electricity prices, by contrast, fell 1.2%.
Food prices rise modestly
Food prices rose 0.9% overall, although increases varied significantly across categories.
Beef prices rose 13.5%, while lamb and goat meat increased 11.3%. Egg prices rose 4.3%, and bread and other bakery products increased 2%.
Olive oil prices fell 15%, while fruit prices declined 7.1% and vegetables fell 1.1%, partly offsetting increases in meat and other food products.
Services linked to everyday spending and tourism also recorded significant increases. Prices at restaurants, pastry shops, fast-food outlets and cafeterias rose 5.5%, while hotel, motel and inn prices increased 14.1%. Holiday package prices rose 6.3%.
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