June 1, 2022
Annual consumer inflation in Greece reached 10.2 percent in April, the highest level in 28 years, due to rising costs for energy, housing, transportation, and food, according to official data released on Tuesday.
The Russia-Ukraine conflict is fueling price increases, with the cost of Russian energy and Ukrainian grain rapidly increasing. Businesses and households continue to face massive increases, and the government is struggling to keep them in check.
The Greek government set a 1% inflation target in its 2022 budget, which is clearly unattainable, with Greek Finance Minister Christos Staikouras recently estimating that the target will now be set at 4%.
In early April, trade unions in Greece staged a general strike in protest of rising prices, which have reduced workers’ disposable incomes.
Source: Greek Reporter
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