Greece’s inflation rose 3% in August year-on-year, compared to 2.7% in July and 2.7% in August 2023, according to data published on Tuesday by the Hellenic Statistical Authority (ELSTAT)
INFLATION
Olive oil and potatoes saw the steepest price increases in August in Cyprus.
Inflation in Cyprus slowed down in August 2024, with prices rising by 1.5%, compared to a 2.11% increase in July.
Greece’s dairy industry is recovering, after a steep rise in the wholesale price of milk hurt sales. The lower retail price of milk allowed dairy industries to regain market share from private label producers.
The prospects for electricity retail prices in September look bleak, given recent developments in the wholesale and futures markets.
Inflation edged higher in July, ending a run of decreasing rates. The Consumer Price Index published Friday by the Hellenic Statistics Authority grew 2.7% year-on-year, up from 2.3% in June.
Inflation in July increased to 2.7%, up from 2.3% in June and 2.5% in July of the previous year, data from the Hellenic Statistical Authority (ELSTAT) showed on Friday.
Domestic production of potatoes has plunged in recent years, and imports, mainly from Cyprus and Egypt, have risen, sending the prices much higher.
“What profit margin did your business operate at in the last financial year?” This was one of the questions asked by PricewaterhouseCoopers to around 4,700 CEOs of large companies around the world, as part of its 27th annual global survey of their assessments and forecasts for the economy and for the business they lead.
Government officials are awaiting Friday’s announcement of July inflation figures by the independent statistics authority ELSTAT with some trepidation.
Supermarket sales show price hikes slowing down Supermarkets’ revenue rise during the first half of 2024 was due to sales volume and not higher prices, data show.
Wages could rise modestly without creating inflationary pressures, according to a study published in the Bank of Greece’s Economic Bulletin.
A weak eurozone economy may drag inflation below the European Central Bank’s 2% target, ECB policymaker Yannis Stournaras said in an interview published on Thursday, reaffirming his expectation for two interest rate cuts this year.
The resurgence of inflationary pressures is causing a new headache for the government and households.
Supermarkets witnessed a price decline in July, the third month in a row, according to a survey by the Research Institute of Retail Consumer Goods (IELKA) at large chains.
Prices for many essential goods in Cyprus jumped in June, driving up inflation to 2.9%. This follows a steady rise from 2.4% in April and 2.7% in May.
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