In some items, however, high prices persist. To put a brake on price increases, the government is planning new structural interventions in the market that will strengthen competition, while it expects measures to be taken at the European level for multinational companies, which sell their products more expensively in small markets, such as Greek, as long as the relevant investigation announced by the President of the Commission, Ursula von der Leyen, is completed.
The de-escalation trend is also confirmed by a market survey of “ET” which shows that a typical basket of 25 consumer staples now costs €81.38, down from €82.58 six months ago, down 1.45%.
The biggest price reductions of up to 34% are recorded in stationery and detergents, as a result of the measure which came into force from 1the March for “scissors” in promotions by 30% with a corresponding drop in prices on the shelf. Although in the first weeks of its implementation, there was a “numbness” in the market as to how suppliers would move in terms of offers following the mandatory reduction in initial prices, they eventually continued their aggressive pricing policy in order to maintain their market shares.
For example, toilet paper (12 rolls) which in January was on sale for 8.8 euros, now costs 5.8 euros (-34%), while dish detergent from a well-known company has dropped from 2.16 euros to 1.62 euros (-25%). Almost the same price is available for the last six months and bubble bath from 3.06 to 3.09 euros, however the small increase recorded is related to the range of offers.
Domestic tomatoes are also showing a large decrease of 23.2% on supermarket shelves, the price of which has fallen to 1.52, from 1.98 euros per kilo in January, due to the production that is traditionally higher in the summer months. Accordingly, a slight drop (-2.56%) is also observed in starkin apples from 1.56 to 1.52 euros per kilo. Fresh pasteurized milk (1 liter) is also sold slightly cheaper in the refrigerators, as its price fell from 1.8 euros in January to 1.74 euros, a drop (-3.3%) greater than that recorded by ELSTAT in dairy (-1.3%). At the same time, a decrease of 4.38% is observed in rice for pilaf of a large company, from 4.8 euros six months ago, to 4.59 euros, while the price of beans is stable, which costs 2.33 euros.
Revaluations
Despite the first reductions in shelf prices, inflation is still positive, meaning that price increases, albeit at a slower pace, are continuing.
The price appreciation race is led by olive oil, which in June ran, according to EL.STAT., at an annual rate of +54.8%. According to the “ET” research, in the last six months alone, the price of olive oil of a well-known company increased by 8.17%, from 13.22 to 14.3 euros per liter.
In fact, as stated in “ET” industry representative, although producers initially expected that in the 2024-2025 olive season domestic production would increase, the first signs do not look very optimistic, due to the high temperatures recorded in the spring. “Production will not be as high as we expected, which means that producer prices will remain at the levels they are today,” the same source points out.
Meat prices continue to rise, with beef (shoulder) recording an increase of almost 4% from 11.45 to 11.90 euros per kilo and chicken by 15% from 2.94 euros in January to 3.38 euros per kilo in July.
Lentils are also sold 16.2% more expensive in supermarkets from 1.72 to 2 euros, while the price of sunflower oil also moved on an upward trajectory in the last six months, from 4.53 to 4.83 euros per liter (+ 6.62%).
Small price increases are also observed in all-purpose flour from 1.52 to 1.6 euros per kilo (+5.3%), but also in packaged feta from 6.51 to 6.75 euros, despite the reduction of producer prices in goat and sheep milk. The prices of pasta, from 0.94 to 0.95 euros, and of instant coffee, from 7.62 to 7.7 euros, also showed a marginal increase, just over 1%.
“Knife” to the superfluous due to accuracy
Inflationary pressures, however, have also affected the habits of consumers, who, in their effort to save money, sacrifice quality, as the main criterion for choosing food is price.
According to a recent survey by the Consumer Goods Retail Research Institute, more than 1 in 2 consumers (55%) say they have cut back on food and grocery shopping, while 42% say they have switched product brands.
At the same time, 49% report that they have postponed maintenance and repair work, e.g. at home or in the car, 27% say they have used money from their savings to cover their purchases, while another 27% say they have put off paying bills or have
proceed to stop paying its obligations.
Finally, only 1 in 2 consumers say they will take a vacation in 2024, as a result of major increases in ferry and airline ticket prices, as well as accommodation costs.
EVOLUTION OF PRICING PRODUCTS A TYPICAL BASKET
| PRODUCT | JANUARY 2024 | JULY 2024 | CHANGE (%) |
| ALL-PURPOSE FLOUR 1 KG | 1,52 | 1,6 | +5,3% |
| FRESH MILK 1 LITER | 1,8 | 1,74 | -3,3 |
| INSTANT COFFEE 200 GR. | 7,62 | 7,7 | +1,1% |
| Makes 6 eggs | 3,10 | 3,12 | +0,65% |
| COLA 1 LITER | 1,35 | 1,37 | +1,48% |
| FETA (400 G PACK) |
6,51 |
6,75 |
+3,7% |
| LENTILS 500 G. | 1,72 | 2 | +16,2% |
| MEDIUM BEANS 500 G. | 2,33 | 2,33 | 0% |
| OLIVE OIL (1 LITER) | 13,22 | 14,3 | +8,17% |
| SUNFLOWER OIL (1 LITER) | 4,53 | 4,83 | +6,62% |
| KILO OF CYPRUS POTATOES | 1,19 | 1,27 | +6,72% |
| TOMATOES (1 KG) | 1,98 | 1,52 | -23,2 |
| SPAGHETTI No.6 500 G. | 0,94 | 0,95 | +1,06% |
| RICE FOR PILAFI 1 KG | 4,8 | 4,59 | -4,38% |
| STARKIN APPLES 1 KG | 1,56 | 1,52 | -2,56% |
| DISH DETERGENT (400 ML) | 2,16 | 1,62 | -25% |
| FOAM BATH 650 ML | 3,06 | 3,09 | +0,98% |
| SANITARY PAPERS (12 ROLLS) | 8,80 | 5,80 | -34% |
| GREEK SHOULDER BEEF (1 KG) | 11,45 | 11,90 | +3,93% |
| CHICKEN (1 KG) | 2,94 | 3,38 | +14,97 |
| total | 82,58 | 81,38 | -1,45% |
Source: e– katanalotis
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