The Institute for Retail Consumer Goods Research (IELKA) reported notable price reductions in Greek supermarket prices in July, reflecting a decrease in the monthly price index for essential consumer goods.
The data for July 2024 shows an inflation rate of -1.56% within supermarket chains, a slight improvement from -1.92% in June, -1.25% in May, and positive figures earlier in the year: +1.10% in April, +0.28% in March, +2.70% in Feb., and +3.00% in Jan.
This decline was largely due to the continued easing of prices and seasonal effects associated with summer.
Significant reductions in Greek supermarket prices were observed in several categories: fresh fruits and vegetables down by 7.34%, detergents and cleaning products with a 6.77% decrease, paper products, cosmetics, and personal hygiene items (-6.32%), pet food and supplies (-5.19%), and baby and child food (-3.72%).
The decrease in prices for fresh fruits and vegetables is attributed to improved weather conditions compared to 2023. For other products, reductions stem from market normalization post-pandemic and lower producer prices.
Conversely, some categories saw price increases, including fresh fish and seafood up by 5.90%, appetizers, pickles, and ready-to-serve items with a 5.11% decrease, grocery foods (+3.65%), alcoholic beverages (+3.21%), and sweets (+3.01%).
These increases are driven by seasonal demand related to summer and fluctuations in international raw material prices, such as sugar and cocoa.
Out of the 23 categories analyzed, 13 experienced price decreases while 10 saw increases. Factors contributing to the overall trend of holding back prices include improved weather conditions this year compared to 2023 which have notably reduced prices for fresh produce, and the influence of seasonality.
Additionally, the gradual decrease in inflation and government regulations have played a role. The rise in private label product sales, particularly in supermarket chains, has also contributed to the price trends, with these products seeing a growing market share over the past two years.
Source: tovima.com
Latest News
Athens’ Air Quality Ranks 269 out of 375, Says EEA
The European Environment Agency characterizes Athens' air quality as 'moderate'
Interest Rates Show Widening Margin between Deposits, Loans
Data from the Bank of Greece for June 2024 revealed that the average weighted interest rate for new deposits held steady at 0.57%, while the rate for new loans climbed to 5.78%
Survey: Greek CEOs Optimistic About Economy
More than half of Greek CEOs (54%) express high confidence in their company’s growth potential
Survey: Greek Workers Worse off than Romanians & Lithuanians
As recorded by the Eurofound survey, nearly half of the workers in Greece (45%) struggle to meet their obligations with their current salary
Prinos CO2 Storage: Energean Races Deadlines, Greece Eyes Egypt for Extra Capacity
The clock is ticking for Energean to meet tight deadlines for the €1 billion Prinos CO2 Storage project. Meanwhile, Greece already knows Prinos' capacity is not enough, and is exploring solutions in Egypt.
Greece’s Tax Income Hits Record, Will Exceed 4 Billion Euros
Greece's surge in tax income is attributed to both the higher incomes declared by taxpayers and the imputed taxation system applied to freelancers and self-employed professionals.
A Greek Beach is the Best in the World
A popular U.S. travel agency, Florida Panhandle, conducted a vast online survey of traveler reviews for beaches worldwide
Eurostat: Greece Among Most Popular Destinations in EU in 2023
It ranked 8th regarding short-stay accommodations booked via online platforms - Airbnb, Booking, Expedia Group, or TripAdvisor
Greek Cheese ‘Kashkavali Pindou’ Receives EU PGI Status
‘Kashkavali Pindou’ is a semi-hard cheese renowned for its unique production method involving heated curds.
The Cheapest and Most Expensive Greek Islands for Buying a Home
Andros, the most northern Cycladic island in the Aegean, offers the most affordable options, with prices ranging between 2,000 and 4,000 euros per square meter.