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Wednesday, August 7, 2013

Greece-Increase in prices of everyday goods

The serious structural problem of the Greek economy threatens to destroy the adjustment program - Which goods and services saw the largest revaluations.

The significant price increases for basic living goods evolve into a serious structural problem of the Greek economy that threatens to destroy its adjustment program. For the fifth consecutive month inflation recorded a decline, but the food prices are not dropping.

As the Hellenic Statistical Authority announced, inflation fell by 0.7% in July compared with the same month last year, recording the largest decrease since the start of deflation in March. However, prices fall at a disproportionately slow pace in relation to the reduction in incomes, while there have been significant revaluations in everyday products.

Specifically, in July prices rose:

-       in the field of nutrition by 0.8% due to the price increase in prices of fruits, vegetables and meat

-       in alcoholic beverages and tobacco by 2.6% due to the increase in cigarette prices

-       in housing by 6.7%, due to increase in heating oil prices

-       in PPC bills, although rents fell by 7% compared to last July

The largest price increases compared to July last year were recorded in:

-       heating oil 25.1%

-       flight tickets 15.5%

-       PPC bills 12.3%

-       transport premiums 11.4%

-       household services 8.1%

-       fruits 6.1%

-       vegetables 4.6%

-       hotels 3.6%

-       tobacco 3.5%

However, the general index in July dropped by 0.7% due to lower prices in other categories of goods and services such as:

-       in constant consumer goods by 5.1%, because people do not buy new furniture, appliances and in household services etc.

-       in Healthcare by 3.5% due to lower prices on drugs, medical and paramedical services

-       in communications by 4.3% due to the reduction of phone services

-       in education by 4% due to the reduction of tuition at private schools, language schools, vocational training institutes and postgraduate studies

-       in recreation-cultural activities by 3%

-       in hotels, cafes, restaurants by 1.5%

-       in transport by 1.5% due to lower prices of cars and petrol, partially offset by an increase in fares on airplanes

A decrease of 5,4% was recorded in the category of other goods and services, mainly due to the drop of prices in hair salons, personal goods and insurance services.
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