Investor Presentaiton
-3.0
7.0
Inflation targeting since 2009
Inflation y/y vs. inflation target
Sources: NBG, GeoStat
12.0
Inflation target is 3 % for 2018-2020 years
2.0
20
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
M2 vs. inflation, y-o-y,%
Sources: Geostat, NBG
70%
60%
50%
40%
30%
20%
10%
%0
writing
-10%
-20%
-30%
Jan-03
⚫ Aug-03
Mar-04
Oct-04
May-05
Dec-05
90-jnr
Feb-07
Sep-07
Apr-08
Nov-08
M2, % change, y/y (LHS)
60-unr
Jan-10
Aug-10
Mar-11
Oct-11
May-12
Dec-12
Jul-13
Feb-14
Sep-14
Apr-15
Nov-15
Jul-14
Oct-14
Jan-15
Apr-15
Annual inflation, %, eop (RHS)
Jul-15
Oct-15
Jan-16
Jun-16
Jan-17
Aug-17
Mar-18
Apr-16
Jul-16
Oct-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
16
14
12
10
8
Apr-18
-3.0
2.0
8
12.0
7.0
3
Inflation y/y
Source: GeoStat
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Monthly Inflation
Core (non-food, non-energy) Inflation
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
Average monthly wages in business sector
Source: Geostat
1,024
897 938
714 760 801
520 538 593 623
382
286
162 205
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
I II III IV
2017
Headline Inflation
1,107 1,144
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