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Inflation at 5.1% in December – At 1.2% for the whole of 2021

LAST UPDATE: 12:49

By Tasos Dasopoulos

The increase in the price of gas by 134.5%, electricity by 45% and oil by 34.1%, further increased the consumer price index to 5.1% in December, marking a 10-year high since December. 2010.

On average annual levels, inflation for the whole of 2021 stood at 1.2%, compared to – 1.2% which was the annual inflation for 2020.

Especially for December, despite the decline in international energy prices in the last days of last month, the country’s still high dependence on fossil fuels, ie oil and gas and the regime of transition of the economy to green energy that increases indirectly (through high prices for pollution contracts) the price of electricity, led to price increases in energy products to have increased the consumer price index by 3.5%.

The remaining 1.6% of the total increase of 5.1% for December comes mainly from basic foodstuffs whose prices have also caught fire due to the increase in their production costs.

In particular, according to the data published by ELSTAT, prices for lamb and goat increased on an annual basis by 19.6%, poultry and meat preparations by 6.6%, fresh fish by 6.7% and in calf by 4.2%. Significant increase is recorded in the price of olive oil (17%) and other edible oils (17%), potatoes (14.2%), pasta (7.6%), cheese (5.5%), of bread (4.9%) while prices for fresh vegetables and fruits increased by 5.5% in December. Chocolates increased in price by 4%, while coffee and other foods increased in price by 3.4%.

Part of the big wave of increases was offset by price reductions in pork by 1.5%, cold cuts by 3.5% and raw milk by 1.4%.

ELSTAT also records significant increases in car prices by 11.5% in used cars, by 7.7% in new, glass and tableware for the home by 7.4% and 3% in clothing and footwear prices.

In the services sector, there was an increase of 5.7% in the prices for domestic services and 19.6% for passenger transport by plane and 7.3% in the prices of hotels, motels and inns.

Inflation at 5.1% in December - At 1.2% for the whole of 2021
Source: ΑΠΕ-ΜΠΕ

The monthly comparison

In the monthly comparison, the increase of the General CPI by 0.7% in December 2021, compared to the corresponding Index of November 2021, came mainly from the changes in the following groups of goods and services:

From the increases of the indices by:

* 10.3% in the Clothing and footwear group, due to the return of part of the prices to the pre-winter ten-day discount levels.

* 0.8% in the Housing group, due mainly to an increase in electricity prices. Part of this increase was offset by the reduction of prices mainly in: natural gas, heating oil.

* 0.2% in the group Durable goods-Household items and services, due to the return of prices to the pre-winter ten-day discount levels. Part of this increase was offset by lower prices, mainly for direct household items.

* 0.3% in the Transport group, due mainly to price increases in: new cars, used cars. Part of this increase was offset by the reduction of prices mainly in: car fuel (petrol), airline tickets.

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Source From: Capital

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