The annual growth in Greece’s consumer price index hit 10.2 percent in April, moving into double digits for the first time since 1995.

Using the EU-harmonised inflation measure, Greek prices rose 9.1 percent, compared, with 8 percent in March. This measure establishes a benchmark comparable across the eurozone, where the inflation rate rose to 7.5 percent in April from 7.4 percent the month before.

While Greece’s inflation rate has streaked ahead of the euro area average this year, it’s worth reiterating the point that this is partly down to base effects, on account of the drop in prices here in 2020. On a two-year basis, Greece’s EU-harmonised index is 8 percent higher than it was in April 2020, whereas eurozone prices increased 9.2 percent during the same period.

Energy costs remain the major driver of inflation, with an 88.8 percent increase in electricity alone accounting for one third of the overall increase in the national index. Food and non-alcoholic beverages rose 10.9 percent, accounting for 2.4 percentage points of the increase in CPI basket.

Other data

• Industrial production in March increased 7.9 percent compared with a year earlier, with the manufacturing up 4.3 percent. Electricity supply jumped 26.8 percent from the year before.

• The import price index in industry rose 34.6 percent in March.

If you’re enjoying this newsletter, consider sharing it with others who might also like it.

Share Grecology

Next week’s key releases

Monday, May 16:

• January-April state budget execution (Finance Ministry)

Wednesday, May 18:

• March unemployment (Elstat)

Thursday, May 20:

• March balance of payments (Bank of Greece)

I’d love to get your thoughts and feedback, either in the comments, on Twitter or by reply if you received the newsletter by email. If you’re not subscribed yet, consider doing so now.