Ministry of Development: Prices in supermarkets have been falling for the 4th month in a row compared to the previous year

According to the official statement of the Greek Ministry of Development, negative inflation has been recorded in supermarkets for the fourth month in a row.

This is stated in a statement released today regarding the presented IELKA study. It is noted that “product prices decreased by 1.08% compared to August 2023. The corresponding index of Consumer Retail Research Institute Agathon (IELKA) in July was -1.56%, in June -1.92%, in May -1.25%“.

The statement also said that “The measures to de-escalate inflation in food and basic goods are gradually bearing fruit, but we are not resting on our laurels. We continue to wage a daily battle against rising prices for the benefit of Greek households and society as a whole.“.

The conclusion notes: “The Ministry of Development is closely monitoring the development of the market, conducting daily and intensive checks to ensure compliance with the measures. Efforts to reduce prices and increase the disposable income of all our fellow citizens continue with the same intensity and determination.“.

Let us recall that inflation was 3.1% in Greece in August, 2.2% in the eurozone. The IELKA study resulted in the following conclusions. The net decline in the supermarket chain price index in August 2024 shows that inflation in supermarket chains is negative and amounts to -1.08 (compared to -1.56% in July; -1.92% in June; -1.25% in May; +1.10% in April; +0.28% in March, +2.70% in February and +3.00% in January 2024).

The change in August is mainly due to ongoing price deflation and partly to the impact of summer-related seasonality. The largest price reductions were recorded in the following categories:

• Detergents and cleaning products: 6.68%
• Stationery, cosmetics and personal hygiene items: 5.16%
• Food and pet supplies: 4.78%
• Baby food: 4.28%
• Fresh fruits and vegetables: 2.84%

Fresh fruits and vegetables benefited from comparatively better weather conditions at the beginning of the summer compared to 2023. For other items, the recorded decline is a result of both the post-pandemic normalization of the market and lower producer prices for some products. However, prices increased by:

• Snacks, spreads: 5.52%.
• Fresh fish and seafood: 5.09%
• Grocery: 3.51%
• Cookies, chocolate, candies: 3.41%
• Alcoholic beverages: 2.07%.

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