The cost of energy, housing, transportation, and food is increasing across the nation.
According to the most recent figures from the Hellenic Statistical Authority, Greece's inflation rate increased to 11.3 percent from the 10.2 percent recorded in April (ELSTAT).
The most recent increase is a result of rising energy, housing, transportation, and food prices.
Natural gas prices surged by 172.7 percent annually, while electricity costs rose by 80.2 percent and heating oil costs rose by 65.1 percent, according to ELSTAT. Housing costs are said to have increased by 35% year over year, while transportation costs increased by 18.8% and food and non-alcoholic beverage costs increased by 12.1%.
The most expensive items were those found in the "home basket," with oil and fat prices jumping by 23.2% and dairy by 14.1%. Vegetables, bread and cereal, and meat all saw price increases of 13.8%, 13.4%, and 13%, respectively.
Meanwhile, the cost of fresh fruit increased by 10.8%. Price increases of 6.3 percent, 5.6 percent, and 4.7 percent were observed for coffee, tea, juice, and other beverages, as well as desserts. Alcohol prices increased by 2.1 percent, while the price of fish increased by 4.1 percent.
Further reducing disposable earnings was a dramatic increase in Greece's annual EU-harmonized inflation rate from 9.1 percent in April to 10.5 percent in May. An index of elements known as EU-harmonized inflation is used to consistently quantify inflation within the EU.