ECONOMY

Indexes point to more price increases

indexes-point-to-more-price-increases

Industrial import prices reached a 21-year high in September, the Hellenic Statistical Authority (ELSTAT) reported on Friday, while farming and agricultural imports and exports are also soaring.

These indexes point to a new wave of price hikes both in industrial commodities and fresh vegetables, fruit, meat and manufactured food in the coming weeks and months. That is because until now a part of the hikes had been absorbed by the industry, the producers and even retailers, though this can hardly continue given the extent and strength of the price increase phenomenon.

The ELSTAT figures for September showed the industrial import price index jumped 26.1% from September 2020, and 3.1% from August 2021. The index reading of 125.63 points is the highest recorded since the year 2000.

Production costs in the primary sector have also soared; that is then reflected in producer prices: It is no wonder the price of olive oil has risen 22.1% in a year. The ELSTAT index of producer prices posted a 15.9% annual increase in September, while the index of primary sector imports – such as raw materials, animal food etc – showed 9.3% annual growth.