A simple walk around an open-air market is enough to see the steep upwards trajectory of prices, with watermelon going for 1 euro/kg, tomatoes for €2.50/kg and green beans for €5/kg.
INFLATION
Big supermarkets in Greece will need to share their price lists for basic foods with authorities, the government said on Wednesday, in an effort to help households grappling with rising food costs.
In recent months, the Cyprus Consumers Association has been inundated with consumer complaints.
A law capping the profit margins on basic essential goods could also apply in the following year if inflation persists, Development Minister Kostas Skrekas said on Sunday at the OT Forum held at the 87th Thessaloniki International Forum.
A law capping the profit margins on basic essential goods could also apply in the following year if inflation persists, Development Minister Kostas Skrekas said on Sunday at the OT Forum held at the 87th Thessaloniki International Forum.
Many products subject to zero value-added tax rates in Cyprus saw unexpected price increases in July 2023.
The inhabitants of the flooded areas of Thessaly are facing great price hikes, with many instances of profiteering.
Food prices are continuing to rise in Cyprus, too, placing financial strain on the daily lives of many households.
For the second month in a row, the general price index headed higher. Inflation rose to 2.7% in August from 2.5% in July.
Over one in five small and medium-sized enterprises plans to raise their prices of goods or services in the second half of 2023, showing that inflationary pressures will continue for some time to come.
Corporate profits accounted for 50% of Greece’s GDP price deflator in the first quarter of 2023, a percentage that is the third highest among EU member-countries, according to the Greek market watchdog.
Only a decline in consumption, which could lead to an economic recession and signal the entry of the Greek economy into a new vicious cycle, can now lead to a reduction in food prices.
Greece’s Harmonized Index of Consumer Prices (HICP) dropped slightly in July, from 3.5% to 3.4%, preliminary data from the European Union’s statistics agency Eurostat showed Thursday.
Even with a slight drop Monday, Greece’s wholesale electricity market remained the most expensive in the European Union.
In July, the Prices Observatory conducted by Cyprus’ Consumer Protection Service (CPS) recorded increased prices for 32 out of 45 categories of staple foods.
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