Inflation in Greece Hits 5% as Energy Costs Surge

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Α surge in energy and transport costs pushed up household expenses across Greece in September, with some of the steepest increases showing up in natural gas, heating oil, diesel and gasoline. Annual inflation rose to 5% from 3.8% in August, according to data released by the Hellenic Statistical Authority (ELSTAT). Consumer prices also increased 2.1% from the previous month.

The figures closely track Eurostat’s earlier flash estimate, which put Greece’s annual inflation rate at 5.1% in September under the European Union’s harmonized measure. The two indexes are calculated differently, but together they point to the same sharp acceleration in price pressures during the month.

A spike in energy costs was at the center of the increase. Natural gas prices were 55.2% higher than a year earlier, while heating oil rose 53.2%. Diesel prices increased 38.8%, gasoline was up 22.5% and electricity prices rose 15%. Those increases fed directly into some of the largest category moves recorded by ELSTAT. Housing costs jumped 14.7% from a year earlier, reflecting higher rents, home repair costs, electricity, natural gas, heating