New jump in inflation – At 4.8% in November

LAST UPDATE 12:46

Inflation jumped to 4.8% in November from 3.4% in October, with huge increases in energy products putting the consumer price index by 2.5% on their own.

Specifically, the ELSTAT bulletin records for November a record increase of 180.9% in gas prices, 45.2% in heating oil prices, 24.9% in fuel and lubricants and 37.8% in electricity prices. Only electricity increased the Consumer Price Index for November by 1.48%.

However, the ELSTAT measurements show that in addition to energy products, the increases have been passed to a number of basic food items. In particular, there is an increase of 21.3% in the price of lamb and goat meat, 18.5% in olive oil, 16.7% in other edible oils, 11.9% in the price of potatoes, 9.8% in fresh fish, 6.1% in meat preparations, 5.6% in poultry, 4.3% in the prices of bread, 3 , 9% in the price of coffee, 3.8% in the price of chocolate and chocolate products 3.9% in pasta, 3.5% in cheese, 1.5% in beef, 2.4% in other bakery products and confectionery, 2.5% in fresh vegetables and 0.4% in fresh fruit. The only foods that had a 1.8% reduction in price were wines.

Price increases are also recorded in a number of services that are affected by rising fuel and electricity prices. Specifically, ELSTAT records an increase of 12.1% in passenger transport by air, 6.3% in cars, 12.8% in hotels – motels – inns and 1.1% in restaurants, cafes and patisseries.

Ensuring fiscal targets

The dynamics of inflation is also seen in the quarterly comparison when in a series of increases from month to month inflation in November increased by 0.5% compared to October.

Annual and monthly CPI changes

Comparison of November 2021 with November 2020

The increase of the General CPI by 4.8% in November 2021, compared to the corresponding Index of November 2020, came mainly from the changes in the following groups of goods and services:

From the increases of the indices by:

• 3.5% in the group Food and non-alcoholic beverages, due mainly to increase in prices of: bread, other bakery and confectionery products, pasta, beef, poultry, lamb and goat, meat preparations, fresh fish, cheese, olive oil , other edible oils, fresh fruits, fresh vegetables, potatoes, chocolates, chocolate products, coffee.

• 3.9% in the Clothing and footwear group, due to price increases in clothing and footwear.

• 17.7% in the Housing group, mainly due to price increases in: housing, electricity, gas, heating oil.

• 2.3% in the group Durable goods-Household items and services, due mainly to the increase of prices in: furniture and decorative items, glass-tableware and household utensils, household goods, household services.

• 9.3% in the Transport group, due mainly to price increases in: fuels and lubricants, new cars, airline passenger tickets.

• 0.9% in the Education group, mainly due to the increase in the prices of secondary education tuition fees.

• 1.3% in the Hotels-Cafes-Restaurants group, due mainly to price increases in: restaurants-patisseries-cafes, hotels-motels-inns.

From the reductions of the indicators by:

• 0.1% in the group Alcoholic beverages and tobacco, due mainly to a reduction in wine prices.

• 0.1% in the Health group, due mainly to a reduction in prices for medicinal products. Part of this decrease was offset by the increase mainly in prices for dental services.

• 2.7% in the Communications group, due mainly to the reduction of prices in: telephone services, mobile telephone equipment.

• 0.3% in the group Leisure-Cultural activities, due mainly to a reduction in prices for durable leisure goods.

• 0.7% in the group Other goods and services, due mainly to the reduction of prices in: other types of personal care, vehicle insurance premiums.

Comparison of November with October

The increase of the General CPI by 0.5% in November 2021, compared to the corresponding Index of October 2021, came mainly from the changes in the following groups of goods and services:

From the increases of the indices by:

• 0.8% in the group Food and non-alcoholic beverages, mainly due to price increases in: other bakery and confectionery products, beef, pork, lamb and goat, poultry, fresh fish, cheeses, fresh fruit, preserved or processed vegetables, potatoes . Part of this increase was offset by the reduction of prices mainly in: olive oil, fresh vegetables.

• 5.6% in the Housing group, due mainly to the increase of prices in: electricity, natural gas.

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

• 0.2% in the Transport group, due mainly to price increases in: new cars, fuel and lubricants. Part of this increase was offset by a reduction in prices, mainly for airfare.

From the reductions of the indicators by:

• 0.3% in the group Alcoholic beverages and tobacco, due mainly to a reduction in wine prices.

• 9.4% in the Clothing and footwear group, due to the winter ten-day discounts.

• 0.2% in the group Other goods and services, due mainly to lower prices in other personal care items

At 4% the annual increase of the harmonized index

Finally, the Harmonized Index of Consumer Prices (HICP) for November 2021, compared to the corresponding Index of November 2020, showed an increase of 4.0% compared to a decrease of 2.1% in the corresponding comparison between 2020 and 2019.

The HICP in November 2021, compared to October 2021, showed an increase of 0.3% compared to a decrease of 0.8% in the corresponding comparison of the previous year.

The average HICP for the twelve months December 2020 – November 2021, compared to the corresponding Index for the twelve months December 2019 – November 2020, did not change. A decrease of 1.0% was recorded during the corresponding comparison of the twelve months of December 2019 – November 2020 with the twelve months of December 2018 – November 2019.