Food still costly, but price rises easing

Marginal decrease recorded as inflation in April reaches lowest point since October 21 at 3% 

Food still costly, but price rises easing

Greece’s inflation rate dropped in April to 3%, its lowest level since October 2021. At the same time, food inflation remained high at 11.4%, and it is anticipated that this trend will last at least through the end of the first half of the year.

However, the fact that food inflation is even slightly declining each month – by 0.1% – indicates that the downward trend for food prices has indeed started, albeit gradually.

The same does not apply to dairy products and cheeses produced from sheep and goat milk, the price of which remains at significantly high levels.

Supermarkets are also receiving price lists with price reductions for the category of seed oils, products that saw a massive appreciation last year with the Russian invasion of Ukraine.

On the other hand, products that are still produced with raw materials that were bought at a high price are hardly likely to be sold at lower prices. And in some cases of raw materials, prices remain on an upward trajectory, the most notable example being sugar, which is causing price increases in a range of products, from confectionery and chocolate to soft drinks.

According to data provided on Wednesday by the Hellenic Statistical Authority (ELSTAT), the 11.4% food inflation rate is mainly due to the annual price increases of 19.1% for dairy products and eggs, 16.2% for oils and fats, 13.8% for bread and cereals, 12.1% for coffee, 12% for meat, 11% for sugar, chocolates and sweets, and 8.5% for mineral water, soft drinks and fruit juices.

Supermarket bills are still burdened by the price increases in household consumption items (16.3% year-on-year), while pharmaceutical products are 13.9% more expensive than last year.

The tricky bit for households seems to be planning summer holidays, given that in addition to the annualized increases in air and ferry tickets of 34.1% and 11.2% respectively, accommodation prices have increased by 11.8% on a monthly basis.

On the other hand, the price of natural gas decreased by 25.1% year-on-year and by 13.4% month-on-month, and the price of electricity decreased by 29.9% year-on-year and by 0.5% month-on-month.

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