Inflation rose to 1.8% in October due to an increase in fuel consumption

An increase of 1.8% inflation tin October this year, compared to the same month last year, mainly due to the rising fuel trend and the increase in the cost of telephone services and certain foods.

According to data published today by the Greek Statistical Authority (ELSTAT), monthly, ie. compared to September, inflation rose by 0.8% in October. Compared to last year, the inflation rate fell to 0.1% and in October 2017 it was 0.7% more than in October 2016. The average consumer price index in the twelve months from November 2017 to October 2018 increased by 0 , 6% compared to the corresponding twelve-month period from November 2016 to October 2017. This increase is lower than in the twelve-month comparison between November 2016 and October 2017, with twelve months from November 2015 to October 2016 (0, 9%).

ELSTAT data show that the highest annual increase was recorded in potatoes (38.8%), fuel oil (21.8%) in natural gas (15.7%), diesel fuel (15.4%) and fresh vegetables 13.2%). On the other hand, the highest annual decrease was registered with olive oil (-6.3%), wine (-3.4%), household textiles (-3.3%), audiovisual equipment, computers and repair (-3.1%) and permanent goods for recreation and culture (-2.3%).

According to ELSTAT, compared to October 2017, the increase in inflation by 1.8% in the previous month is due to changes in the following groups of products and services:

1. From the increase in indicators against:

• 2.0% in food and non-alcoholic beverages, mainly due to price increases: bread, pasta, fresh fish, beef, poultry, milk and eggs, fresh fruits, fresh vegetables, potatoes. Part of this increase was offset by a decrease mainly in prices for: pork, olive oil, canned or processed vegetables.

• 1.2% in the group alcoholic beverages and tobacco, mainly due to tobacco prices. Part of this increase was offset by a reduction in wine prices.

• 3.7% of dwellings, mainly due to higher prices in: fuel oil, natural gas, solid fuels. Part of this increase was offset by a decrease mainly in prices: housing rentals, electricity.

• 0.8% in health, mainly due to higher prices of pharmaceutical products.

• 4.3% in traffic, mainly due to price increases: motor fuels (petrol), diesel fuel, air tickets for passengers. Part of this increase was offset by a decrease mainly in prices for the maintenance and repair of personal transport equipment.

• 4.3% in communications, mainly due to the increase in the prices of telephone services.

• 1.3% in hotels – Cafe – restaurants, mainly due to price increases in: restaurants-cafes-cafes, canteens, hotels-motels-inns.

2. Reduction of indicators against:

• 0.9% in clothing and footwear due to falling prices in clothing and footwear.

• 1.3% in durable goods – Household products and services, mainly due to price reductions for: household textiles, household articles.

• 0.9% in recreation – cultural activities, mainly due to lower prices in: audiovisual equipment – computers – repairs, durable goods for leisure and culture.

• 0.9% in education, mainly due to lower prices in secondary education.

• 0.1% for other goods and services, mainly due to the reduction of premiums for vehicles. Part of this decline has been replaced by higher prices for other types of personal care.

With regard to harmonized inflation, this October increased by 1.8% compared to the October 2017 increase. In October 2018, it increased by 0.5% on a monthly basis, compared to a 0.1% corresponding year-on-year comparison.

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