Greek inflation surged to 7.2 pct in February

Greece’s Consumer Price Index (CPI) accelerated further in February, rising by 7.2 percent compared with the same period last year, according to official statistical data released Thursday.

Data showed the surge resulted from a 78.5% rise in natural gas, 71.4% in electricity, 41.5% in heating oil, and 23.2% in fuels and lubricants.

According το Κ, τhe jump followed a rise of 6.2 percent in January, the Hellenic Statistical Authority (ELSTAT) said. On a monthly basis, the CPI rose by 1.1 percent.

With the war in Ukraine raising the cost of energy and grains, businesses and households are facing a continuing wave of price increases.

The jump makes it is clear that the target set by the Greek government in its 2022 budget for inflation of 1% is unachievable, with the Minister of Finance Christos Staikouras estimating it will be set at 4% for this year.

The Greek trade deficit soared 98.7% in January as imports grew faster than exports for another month, Hellenic Statistical Authority said on Thursday.

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%).

Greek industrial production down 0.2% in January

Greek industrial production eased 0.2% in January this year compared with the same month in 2021, despite a 2.6% increase in manufacturing production in the month, Hellenic Statistical Authority said on Thursday.

Specifically, the industrial production general index fell 0.2% in January from January 2021 after rising by 3.6% in the same months in 2021/2020. The statistics service attributed this development to a 21.5% drop in mining production, a 6.7% decline in electricity and a 0.02% decline in water production and a 2.6% increase in manufacturing production.

The seasonally-adjusted index fell 4% in January 2022 from December 2021.