Inflation Hits 3.8% as Energy Costs Surge
Consumer prices accelerated to 3.8% in August, driven by sharp hikes in natural gas and heating oil.
Inflation rose to 3.8% in August. The previous month recorded a rate of 3.4%. A year ago, the figure stood at 2.9%. Energy prices were the primary driver of this increase. Service costs also contributed to the upward trend.
The Hellenic Statistical Authority released the data on Wednesday. Natural gas prices jumped by 40.2%. Heating oil costs increased by 53.2%. Diesel fuel rose by 30.6%. Petrol prices climbed by 15.3%. These figures indicate a significant cost burden for households.
Energy Costs Drive Price Gains
Electricity prices fell by 1.2%. This was the only major energy category to decrease. Other fuels saw a 4.3% rise. The sharp increase in heating oil stands out. It represents the highest percentage gain among major energy sources.
Between July and August, electricity costs rose by 1.5%. Natural gas saw a 13.5% monthly jump. Diesel fuel increased by 6.4%. Petrol went up by 1.7%. These monthly changes highlight persistent volatility in the energy sector.
Services and Food Prices Rise
Rents increased by 6.2% year on year. Air transport costs rose by 17.4%. Hotel prices climbed by 14.1%. Restaurant and cafe prices went up by 5.5%. Health insurance premiums increased by 7.0%. These service categories show broad-based inflationary pressure.
Beef prices rose by 13.5%. Lamb and goat meat increased by 11.3%. Preserved fish costs went up by 11.5%. Margarine and vegetable fats rose by 9.6%. Eggs saw a 4.3% increase. These food items contribute to the overall basket cost.
Some Food Items See Declines
Olive oil prices fell by 15.0%. Fruit costs decreased by 7.1%. These drops provide some relief in the food basket. Cheese prices rose slightly by 1.5%. Poultry costs increased by 2.1%. The mixed signals in food prices reflect varying supply conditions.
Clothing and footwear prices rose by 5.3%. Maintenance and repair works increased by 4.5%. Miscellaneous home services went up by 5.6%. Package holidays rose by 6.3%. These figures are part of the broader inflation report from GN markets/inflation (en-US). The data underscores the current economic climate.
