Inflation at 1.9% – After the growth in March, it returns to a ‘close-to-normal’ rate

Inflation has fallen in April, following a sharp rise in March, largely due to the effects of the Covid-19 epidemic. The Institute of Statistics announced that for April inflation fell to 1.9%, from 2.1% recorded a month ago. Inflation remains higher compared to the same period last year, by half a percentage point more, but mostly it seems that this is the continuation of the consequences caused by coronavirus. Since mid-March, there has been an increase in prices, especially for food products, accompanied by a sharp increase in the purchase of consumer goods. On the other hand, a factor that may have been inflated for April is the temporary appreciation of the euro at the end of last month. This may have increased the cost of goods imported during this period, which is reflected in a slight increase in prices.

Even for April, inflation was largely shaped by food prices, which accounted for about 86% of its growth. According to Instat, within the food group, the prices of the subgroup “fruit” increased by 19.3%, followed by the subgroups “vegetables including potatoes” by 6.3%, “oils and fats” by 4.6%, “fish” by 4.2%, “sugar, jam, honey, chocolate, and cakes” with 3.7%.

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