Inflation shoots up to 2.7%

Inflation edged higher in July, ending a run of decreasing rates. The Consumer Price Index published Friday by the Hellenic Statistics Authority grew 2.7% year-on-year, up from 2.3% in June.

The result was not surprising, at least since the publication of the EU-wide Harmonized Index of Consumer Prices by Eurostat.

Energy and services were the main factors driving inflationary pressure, but food prices also remain high, with some rising significantly month-on-month.

Most worryingly, there appears to be no prospect of inflation declining soon. The war in Ukraine and heightened tensions in the Middle East, part of which are the Houthis' continued attacks on merchant ships in the Middle East that have significantly impacted transport costs of goods, all contribute to that belief that prices will never come down to pre-2022 levels (before Russia's invasion of...