DIMITRA MANIFAVA

A simple walk around an open-air market is enough to see the steep upwards trajectory of prices, with watermelon going for 1 euro/kg, tomatoes for €2.50/kg and green beans for €5/kg.

The course of food prices is now in uncharted waters.

Over one in five small and medium-sized enterprises plans to raise their prices of goods or services in the second half of 2023, showing that inflationary pressures will continue for some time to come.

Corporate profits accounted for 50% of Greece’s GDP price deflator in the first quarter of 2023, a percentage that is the third highest among EU member-countries, according to the Greek market watchdog.

Only a decline in consumption, which could lead to an economic recession and signal the entry of the Greek economy into a new vicious cycle, can now lead to a reduction in food prices.

Greece’s Harmonized Index of Consumer Prices (HICP) dropped slightly in July, from 3.5% to 3.4%, preliminary data from the European Union’s statistics agency Eurostat showed Thursday.