Greece: soaring energy prices aggravate inflation not seen in 30 years

Demonstrators gathered outside the Greek Parliament to protest against the high cost of living on May 1, 2022. AP - Yorgos Karahalis

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In Greece, the demonstrations of May 1 against the high cost of living were followed by a day of strike against inflation on Monday.

The country is hit hard by one of the highest price increases in the European Union.

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With our correspondent in Athens,

In recent months, inflation in Greece has reached levels not seen for nearly 30 years and prices have risen by an average of 9.4% over one year.

Electricity, natural gas, oil… The sharp rise in energy prices has led, in its wake, to more marked general inflation than for the average for European Union countries. 

This inflationary situation developed in Greece from the end of 2021, at a time when the health crisis seemed largely under control and the global economic recovery gave the impression of moving into the post-Covid-19 era. .

The rise in energy prices then continued to rise in the context of the Russian invasion of Ukraine. 

A country weakened by ten years of crisis

In a country already weakened by nearly a decade of financial crisis – and where low wages are the norm – the impact is harsh and inflation occupies many conversations.

Consequently, the minimum wage has, for example, just been raised at the beginning of May by 50 euros.

It now exceeds the sum of 700 euros gross. 

More broadly, to offset inflation since last September, around four billion euros in aid have been paid to businesses and households by the Greek state.

►Also read: In Greece, inflation is soaring

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