ECONOMY

Greek shopping basket is cheaper than those in UK, France, Spain

Consumers in Greece have access to cheaper basic products at supermarkets than their European counterparts, a survey for 2012 has revealed.

The average price of 20 basic products at Greek supermarkets is lower than at similar outlets in Britain, France and Spain, according to the study by the Institute of Retail Consumer Goods (IELKA), published on Tuesday.

The Greek shopping basket is 24 percent cheaper than its equivalent in the UK, 30 percent less than in France and 1.5 percent lower than in Spain.

Value-added tax, which is comparatively higher in Greece, accounts for a significant share of retail prices in this country. Excluding VAT, Greek prices are 44 percent cheaper than in the UK, 39 percent below the French average and 8.5 percent lower than in Spain.

The IELKA report says that prices have declined in Greece as suppliers and retailers try to bring them into line with salaries and pensions, which have been slashed.