Greek PPI (Aug YY) 14.9% (Prev. 11.8%)

A year-on-year acceleration of this kind, following an already elevated prior, is consistent with the pattern seen across episodes where energy pass-through lifted headline producer inflation before it faded as base effects turned. The distinction worth drawing is between energy-driven prints, which the ECB has traditionally looked through, and broadening core pipeline pressure, which is what has historically fed into the euro-area aggregate and the policy debate. Greek data enters the eurozone PPI aggregate only with modest weight, so the established read is that single-country prints matter more for the domestic inflation and wage narrative than for ECB pricing. The relevant follow-ons are the HICP release for the same period and the euro-area aggregate, where convergence or divergence with the bloc-wide trend is the tell.