Greek PM pledges 'safety net' inflation measures
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Greek PM Kyriakos Mitsotakis announces 21 measures to decrease the soaring inflation and the energy crisis in the country.
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Greece's Prime Minister Kyriakos Mitsotakis, addresses attendants at the opening ceremony the Thessaloniki International Trade Fair, in the northern Greek city of Thessaloniki, Saturday, Sept. 10, 2022 (AP Photo/Giannis Papanikos)
On Saturday, Greek Prime Minister Kyriakos Mitsotakis announced at the 86th Thessaloniki International Fair (TIF) 21 measures planned to decrease the pain of soaring inflation and the energy crisis on the country's households while also targeting growth.
During his annual economic policy speech, Mitsotakis vowed to give a 250-euro (dollar) subsidy in December to 2.3 million vulnerable citizens and raise the housing allowance for students from 1,000 euros to 1,500 euros.
The PM also pledged to increase the heating fuel subsidy to 300 million euros including 1.3 million more households and announced a special intervention to lower the cost of heating oil and provide farmers with some 140 million euros in emergency subsidy.
Read: Greece concludes twelve years of EU fiscal oversight
"We are proceeding with a permanent set of measures, which will be effective from January. In this way, a safety net is developed for society and the foundations are laid for a better future," Mitsotakis said.
Greece has already announced around 8 billion euros in power subsidies since last year.
Mitsotakis also announced minimum wage and pension rises and decreased VAT in some sectors, putting the total cost of the latest handouts at 5.5 billion euros.
Energy-linked price hikes have sparked Greece's highest inflation in three decades.
According to Hellenic Statistical Authority (ELSTAT) data on Friday, inflation remained in double-digits for a 5th consecutive month, sliding to 11.4% in August compared to 11.6% in July.
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