No sign of food price rise abating
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.
According to data from market research firm Circana, supermarket turnover in the first half of 2023 increased by 9.6% compared to the first half of 2022, with the increase being solely a result of price increases, as sales volume recorded zero increase.
All forecasts so far have fallen flat as there has not even been a stabilization of prices, especially in basic food items. At the same time, the prices of other goods, such as liquid fuels and especially gasoline, are once again on the rise, with the average nationwide price reaching 2 euros/liter.
Moreover, the increase in electricity tariffs for the current month is problematic, although government subsidies continue, while it is difficult to predict what will happen to natural gas, the price of which during the summer was even disturbed due to fears of strike action at energy companies in faraway Australia.
Much, of course, will depend on the outcome of the war in Ukraine, that is into its 19th month.
