ECONOMY

Supermarket prices go back to 2010

A survey by the Institute of Retail Consumer Goods (IELKA), whose membership is made up of the country?s major supermarket chains, showed that products sold in March and April 2012 have seen their prices drop to levels last seen in May 2010.

Despite consecutive rises in value-added tax over the last couple of years, shelf prices have only risen by a marginal 0.61 percent since 2010.

When VAT is excluded, April 2012 prices were 3.42 percent lower than in January 2010, the IELKA survey results showed on Tuesday.

In the last eight months in particular, average prices have shown a steady decline, as both supermarkets and suppliers have tried to fend off the effects of the recession, despite the general rise in raw material and fuel prices.