Greek inflation rises to 12% y/y in September, near three-decade high

Greece’s annual consumer inflation accelerated to 12.0% in September from 11.4% in the previous month, remaining at its highest level in nearly three decades, data showed on Monday.

Surging costs for energy, housing, transportation and food were the main factors underpinning the figures, statistics service ELSTAT said. Month-on-month consumer inflation rose 2.9%.

Greece’s annual EU-harmonized inflation accelerated to 12.1% in September from 11.2% in August, continuing to squeeze disposable incomes.

EU-harmonized inflation is an index of components that is used across the EU to measure inflation in a consistent way.

Natural gas prices soared 332% on an annual basis, while electricity prices were up 30.5% and those for heating oil up 65.1%, ELSTAT said.

The cost of housing rose 35.4% year-on-year in September while transportation prices were up 14.2%, with foods and non-alcoholic beverages 13.5% more expensive, the data showed. [Reuters]