ELSTAT: Greek Transport Sector Sees Biggest Price Hikes

Greece transport sector marked the highest price increases in July affecting ferry fares and airline tickets, according to the latest data released by the Hellenic Statistical Authority (ELSTAT).

More specifically, airline tickets increased by 62.3 percent and ferry fares by 25.4 percent on top of previous hikes months before.

According to ELSTAT, the Consumer Price Index (CPI) in July 2022 increased by 11.6 percent over the same month a year ago at a 1.4 percent annual rate of change. Compared to June, July CPI decreased by 1.8 percent compared to -1.4 percent a year ago. The average CPI for the 12-month period from August 2021 to July 2022 increased by 7.1 percent at a -1.1 percent annual rate of change.

According to Greece’s statistical service, the transport sector saw the biggest increase by 20.6 percent due to much higher prices for new cars, used cars, car parts and accessories, fuel and lubricants, maintenance and repair services, taxi fares, air tickets, and ferry tickets.

Indicative price hikes from July 2021 to July 2022:

– airline tickets up by 62.3 percent

– ferry fares up by 25.4 percent

– taxi fares up by 32.9 percent

– fuels and lubricants up by 33.0 percent

– new car prices up by 12.4 percent

– prices of used car up by 15.9 percent.

Inflationary pressures also took a toll on the sector in June. Compared to the same month a year ago, airline tickets were up by 48.5 percent, ferry fares by 20.4 percent, taxi fares by 32.9 percent, fuel and lubricants by 45.6 percent, new car prices by 12.2 percent and used car prices by 15.9 percent.

It should be noted that ferry fares to the Greek islands have increased by 30 percent over the last year with new hikes announced three times since the beginning of 2022.

Coastal shipping companies are attributing the hikes to the surge in fuel costs, which now account for 70 percent of ferryboat operating costs compared to 40 percent a year ago.