Annual inflation jumped to 8.9% in March

LAST UPDATE: 12:57

By Tasos Dasopoulos

The escalation of the energy crisis and food inflation due to the war in Ukraine sent inflation in March to 8.9% from 7.2% in February, with the increase in the price of electricity now reaching 79.3 %, followed by natural gas with 68.3% and heating oil with 58.5%.

Overall, fuel and lubricants, whose prices are up 29% in March, boosted last month ‘s inflation by 5.89%, with the remaining 4.01% totaling 8.9%. % to come mainly from increases in food prices and other goods and services.

In particular, based on the data published by ELSTAT, the largest increases are due to increases in oils and fats by 19.9%, fresh vegetables by 13.6% and fresh fruits by 7.6%. Dairy and eggs increased in their prices by 8.4%, cereals and flour by 7.6% since the increased prices have not yet passed in their entirety to retail prices. Prices for meat increased by 6.4%, fish by 3.5%, coffee by 5.4% and other food by 5.1%. Used cars increased in price by 11.1% and new ones by 8.5%, while clothing and footwear increased by 6.7%.

From services and transport, ferry ticket prices increased by 16% and airline tickets by 26%. Prices in cinemas and theaters increased by 9.2% and prices in hotels, accommodation and motels by 18.5% and house maintenance by 5%. Despite the increases recorded in real time, rents record an increase on an annual basis by 0.8%.

All this while inflation shows huge dynamics with an increase in March compared to February by 2.7%. This increase was formed by the individual increases:

– By 0.6% in the group Nutrition and non-alcoholic beverages, due mainly to increase in prices of: bread, beef, lamb and goat, poultry, cheese, olive oil, potatoes. Part of this increase was offset by the reduction of prices mainly in: fresh fish, fresh vegetables.

– By 0.3% in the group Alcoholic beverages and tobacco, due mainly to increase in prices for wines.

– By 21.1% in the Clothing and footwear group, due to the return of part of the prices to the levels before the winter discounts.

– By 4.2% in the Housing group, due mainly to an increase in prices in: electricity, heating oil. Part of this increase was offset by the decline mainly in gas prices.

– By 0.8% in the group Durable goods-Household items and services, due to the return of prices to the levels before the winter discounts.

– By 5.3% in the Transport group, due mainly to the increase of prices in: new cars, fuel and lubricants, passenger transport tickets by plane, passenger transport tickets by ship.

– By 0.5% in the group Leisure-Cultural activities, due to increase mainly in prices in cinemas-theaters.

– By 1.1% in the group Hotels-Cafes-Restaurants, due mainly to the increase of prices in: restaurants-confectioneries-cafes, hotels-motels-inns.

– By 0.4% in the group Other goods and services, due mainly to price increases in other types of personal care.