Greek Import Prices Jump 13.8 Percent in August Led by Energy Costs
Data released by the Hellenic Statistical Authority (ELSTAT) shows a sharp rise in industrial import prices, driven heavily by global energy and gas costs.
- Greek industrial import prices rose 13.8 per cent in August year on year.
- Energy import prices jumped by 45.8 per cent, leading the increases.
- Prices from non-eurozone countries surged by 23.3 per cent.
For investors and residents in Greece, rising import and energy prices point to potential broader effects on operational and construction costs. It is advisable to consult local professionals to review project budgets and financial planning.
Greek Industrial Import Prices
Greek import prices for industry rose by 13.8 per cent in August compared to the same period a year earlier, according to figures released by the Hellenic Statistical Authority (ELSTAT). This points to imported inflation as international prices for oil and natural gas continue to climb.
Prices of imports from countries outside the eurozone recorded a notable jump of 23.3 per cent, while imports from eurozone countries rose by a more modest 1.8 per cent. On a monthly basis, the general index increased by 1.7 per cent in August compared to July.
Energy Drives the Rise
Energy was the primary driver behind the higher import prices, with energy import prices surging 45.8 per cent year on year. Within specific industries, refined petroleum products rose by 63.1 per cent, crude oil and natural gas climbed 41.3 per cent, and electricity and gas supply prices increased by 26.5 per cent.
Basic metals also saw an increase of 17.4 per cent, and chemicals added 5.0 per cent. In contrast, food product prices experienced a 2.8 per cent drop. Among main industrial groups, intermediate goods rose 6.3 per cent, capital goods increased 0.6 per cent, while durable and non-durable consumer goods slipped slightly.
Yavanet will keep updating from official sources.
