Imported inflation is “shown” by new pressures on the index

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New inflationary pressures foreshadow its data Hellenic Statistical Authority (ELSTAT) for the prices of imported industrial products.

The general index of import prices in industry in November (compared to November 2020) marked a further significant increase of 25% (33.9%, it was in October), compared to a decrease of 9.9% when comparing the respective indicators in 2020 with 2019.

The new increase in the so-called “imported inflation” is due to:

  • The increase in the price index of imports from non-euro area countries by 37.1% (52.8% in October).
  • The increase in the price index of imports from euro area countries by 6.8% (7.1% in October).

At the same time, the general index in November 2021, compared to the index of October 2021, showed a decrease of 2.9% compared to an increase of 4% recorded during the corresponding comparison of the indicators of the year 2020.

From the data of ELSTAT It appears that the largest increase in prices on an annual basis was recorded in the production of coke and oil refining products by 85.3%, followed by the extraction of crude oil and natural gas by 64%. A large increase in prices was also recorded in the production of metals (30.3%).

  • The new data on “imported” inflation foreshadows the continuation of inflationary pressures.
  • Inflation last month “climbed” to 5.1% due to the ongoing energy crisis which has now affected all prices of services and consumer goods.

Reportage: Costas Tsavalos

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