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The redistributional impact of inflation in Greece

  • Theodore Mitrakos


    (Bank of Greece)

  • Stauros Zografakis

    (University of Patras)

Inflation is often assumed to affect all people in the same way. However, differences in spending patterns across households and differences in price changes across goods and services lead to a different inflation rate for each household. In this paper, we estimate inflation rates for various population groups in Greece during the period 1999-2004 as well as the causes of differences between them. Our results suggest that these differences are considerable and the most of them can be traced to changes in the relative prices of food & non-alcoholic beverages, housing, and alcoholic beverages & tobacco. We find that socially-sensitive population groups such as pensioners, the unemployed, the economically weak and more generally individuals facing a relatively high risk of poverty suffer disproportionately from inflation. Moreover, the distributional impact of price changes seems to have a negative effect on various inequality and poverty indices.

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Article provided by Bank of Greece in its journal Economic Bulletin.

Volume (Year): (2005)
Issue (Month): 24 (January)
Pages: 45-82

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Handle: RePEc:bog:econbl:y:2005:i:24:p:45-82
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  1. Dimitrios Sideris, 2004. "Testing for Long-Run PPP in a System Context: Evidence for the US, Germany and Japan," Working Papers 19, Bank of Greece.
  2. van Praag, Bernard M. S., 1991. "Ordinal and cardinal utility : An integration of the two dimensions of the welfare concept," Journal of Econometrics, Elsevier, vol. 50(1-2), pages 69-89, October.
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