The course
The beginning of the inflationary crisis began in August 2021, with the outbreak of the energy crisis. The sharp recovery of the economy and the increased demand for energy after the pandemic lockdowns have sent energy prices soaring, taking food prices along with them. Thus, according to the Greek Statistical Authority, the inflation of food items from 1.7% in July 2021 rose to 3% in August, levels at which it moved until November 2021 (3.5%). With the price of electricity soaring to 200 euros per megawatt-hour since December, price appreciation has started to become more pronounced, with food inflation reaching 5.2% in January, 7.1% in February and to 8.1% in March 2022.
The Russian invasion
“Icing” on the… cake was also the Russian invasion of Ukraine, creating disturbances both in the supply chain and in natural gas prices, pushing up food prices by 10.9% in April 2022, by 12.1% in May , by 12.6% in June and by 13% in July 2022.
Industries, citing increased energy costs, but also a number of other materials supplied from Russia and Ukraine, are proceeding with continuous price increases on the shelves, with food inflation reaching 14.8% in October 2022 . At the end of October, the government institutes the “household basket”, but it seems that it is not enough, as in December of the same year food inflation is at a historically high level of 15.5%.
The electricity subsidies, combined with the small reduction in the prices of raw materials, but also the ceiling on the profit margin in a series of products, are also reflected to a small extent in inflation, which in February and March moved to 14.8% and 14.3% respectively. Despite the fact that the climate crisis has left the first signs in the production of basic products, pushing up prices, mainly in olive oil, food inflation, following a steady downward path, subsided six months later, in September 2023, for the first time in single digits at 9.4%.
New measures
The government, although it considers that the wave of accuracy has passed, but the prices on the shelves are at unimaginable levels, in October 2023 it takes new measures, such as the permanent reduction of the prices on the shelf by 5%, the obligation to announce from the supers market at the Ministry of Development of price increases in products necessary for decent living or products in high demand, but also of retail prices in fruit and vegetable products. Thus, inflation drops to 9% in November, to 8.9% in December and to 8.3% in January 2024. Then the three-month ban on promotions in case of price increases comes into force, which acts as a suspension for industries and thus food prices in February drop significantly to 6.7%. Since then, inflation moves further to just above 5% in March and April, easing to 3.1% in May and 2.1% in June 2024.
However, in July and August, due to the increased demand for products as a result of increased tourist traffic, but also the reduction in the production of certain products due to the climate crisis, inflation “bites” to 2.4% and 2.8% respectively.
Falling prices on supermarket shelves
It is worth noting, however, that in the last four months, in all products sold in supermarkets, apart from food, inflation according to a survey by IELKA is negative, a trend that is expected to continue in the coming months, if there is no some unstable factor that will turn the situation upside down again.
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#Food #inflation #threeyear
