News Karnataka
Wednesday, February 08 2023

Greek inflation breaks 27-yr record

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Athens: Greece’s annual inflation rate soared to 8.9 per cent this March, breaking a 27-year record, the Hellenic Statistical Authority (ELSTAT) announced.

In March 2021, inflation stood at minus 1.6 per cent, Xinhua news agency quoted ELSTAT as saying.

The increase is linked mainly to the rise in energy costs over the past year.

Electricity prices jumped by 79.3 per cent compared to a year ago, natural gas by 68.3 per cent and heating oil by 58.5 per cent.

Meanwhile, Greece has also repaid in advance the final tranche of its bailout loans from the International Monetary Fund (IMF) two years ahead of schedule.

By doing this, Greece will now save 56 million euros ($61.4 million) in interest payments, according to Finance Minister Christos Staikouras.

A series of early repayments of IMF loans since 2019 have saved the country a total of 230 million euros in interest.

From 2010 to 2018, Greece had to rely on loans from the IMF and the eurozone to avoid bankruptcy amidst a severe debt crisis.

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