ECONOMY

Own-label product prices soar

Own-label products at supermarkets are gradually losing their advantage of being cheaper than those of well-known brands, as a survey by the state?s General Secretariat for Commerce has found their prices have risen significantly over the last year, in some cases by up to 32 percent.

It appears retailers are taking advantage of consumers? shift to own-label products in order to offset the considerable losses they have suffered in turnover and profits over the last couple of years owing to shrinking consumption.

The issue of the larger price rises was reportedly discussed during a recent meeting between the general secretary for commerce, Stefanos Komninos, and representatives of the major supermarket chains, with the exception of Lidl.

The survey showed that out of the 574 own-label products monitored in the November 2010 – November 2011 period, the prices of 395 went up, while at the same time many well-known brands decreased the prices of a number of their products.