Tuesday, January 25 2022
Scattered Clouds
33.98°F New York

1 € = $ 1.1331
1 $ = € 0.8825

Economy & Real Estate

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Inflation in Greece reached a 10-year high in October, amounting to 3.4% year-on-year, the Hellenic Statistical Authority (ELSTAT) showed on Wednesday, mainly due to doubling of natural gas rates and hikes in fuel and food prices – the latter is expected to pile the pressure on vulnerable households that need to spend most of their budget on food purchases.

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Whenever we think about hyperinflation, our mind immediately goes to Germany’s Weimar Republic in the 1920s when people would carry their money in wheel barrels to buy an egg at a shop. But believe it or not, Greece has issued a banknote worth 100 billion drachmas, which in fact bore the signature of the governor of the bank of Greece Xenophontas Zolotas.

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