Greece inflation highest since September 1994

Greece's consumer price inflation accelerated further in May to reach its highest level in nearly twenty-eight years, data from the Hellenic Statistical Authority showed on Thursday.

The consumer price index climbed 11.3% year-over-year in May, faster than the 10.2% increase in April. Prices have been growing since May 2021.

Furthermore, this was the highest inflation rate since September 1994, when prices had risen 11.7%.

The recent upturn in inflation was largely driven by a 35.0% jump in housing costs. Transport charges also registered a double-digit growth of 18.8%.

Prices for food and non-alcoholic beverages rose 12.1% annually in May and those for clothing and footwear went up 5.6%.

The EU measure of the harmonized index of consumer prices, or HICP, climbed 10.5% yearly in May, following a 4.0% gain in November.

On a monthly basis, the HICP increased at a slower rate of 0.9% in May, after a 2.0% gain in the preceding month.