Inflation alarm bells

It is true that the skyrocketing prices of oil and cereals have pushed up the prices of products across the board and all around the world. What is strange, though, is that while inflation is running at 2.6 percent in the eurozone, in Greece it is up to 4.4 percent. The difference is attributed to the way Greek markets are organized into oligopolies and the fact that in Greece everything is protected – apart from free competition. Right now, every sector of products of mass consumption is dominated by just two or three companies in Greece. This is what makes for the differences between prices here and abroad. Prices are not set by free competition, but by secret deals whose aim is to suck consumers dry. This situation should be making the alarm bells go off at the Development Ministry and the Competition Commission. It need not take threats and big talk to deal with the situation, but the simple application of existing legislation.

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