Greece’s annual inflation hits 6.2% in January, highest since 1997

Greece's annual inflation rate hit 6.2% in January, its highest since 1997, according to the country's statistical authority.

Almost all items included in the basket of goods used to calculate inflation rate have recorded price increases in the January-December period, the Hellenic Statistical Authority (ELSTAT) said in a statement.

ELSTAT highlighted that the record inflation rate was mainly owed to a 22.6% spike in the cost of housing on the back of rising rates in rent and utilities, including electricity and heating.

Accordingly, natural gas soared 154.8%, electricity jumped 56.7% and heating oil rose 36%.

ELSTAT said prices continued to rise for essential food items including bread, pasta, meat, poultry, fish, dairy, olive oil, fruits and vegetables.