Below food inflation than the European average, but higher rising food prices wherein Hellas she is self-sufficient, her numbers show Eurostat. Is this yet another Greek paradox, or is it the result of the structural problems of the Greek market and the many and varied distortions that still exist throughout the chain of production, distribution and marketing, from field to counter? Problems such as small market size, high dependence on imported raw materials and recycled materials, but even transactional relationships between manufacturers-suppliers and retailers.

Thus, according to Eurostat, food prices in Greece rose by 15.6% year-on-year in December 2022, which is below the European Union average of 18.2% and below the level of rich countries such as Germany, but and countries with similar characteristics. Greece, such as Portugal. First of all, it is noted that until June 2022, food inflation in Greece was higher than the European average. The fact that since April we have double-digit and ever-increasing food inflation is good news, especially in a country where consumer purchasing power is one of the lowest in the EU.

From Eurostat data and a comparison of price changes for basic foodstuffs over the past year, high price changes, higher than the European average, are revealed for products that Greece provides for itself and even exports.

A typical example is yogurt, whose price rose by 26.6% in Greece last year, compared to a 23.6% increase in the EU. Recall, in addition, according to the data published by the Ministry of Development itself as of December 20, 2022, in Greece, cow yogurt (package of 200 g) is sold for 1.30 euros, in Spain – 0.90 euros, and in Portugal – 1 euro.

In addition, according to Eurostat, lamb and goat meat in Greece became more expensive than in other countries of Southern Europe, in particular, by 10.10% in Greece compared to 2.3% in Spain, 8.3% in Portugal and 9 % in Italy. In fact, in May, the annual price increase in Greece amounted to 22.6% (compared to 14.6% in the EU).

More significant price increases compared to Spain and Italy were recorded for cheese (25.2% in Greece versus 22.10% in Spain and 17.50% in Italy), while the European average was 26.90%.

In general, food inflation in Greece is lower than the European average.

A high annual increase was also recorded in fresh milk (26%). And this may be lower than the average price increase in the EU. (31.10%), but this is a product that is sold much more expensive in Greece anyway (€1.63/litre), compared to €1.37/litre in Spain, €1.04/litre in Portugal and 1.65 euro/liter in France. with a much higher per capita income.

“All indicators show that Greece is now well below the European average in terms of inflation and food inflation, so it is not justified to have lower inflation than others and at the same time domestic generalized speculation.

The feeling that inflation is caused by speculation is not true,” Minister of Development and Investment Adonis Georgiadis said yesterday at a press conference, confirming that the involvement of only one element to create food inflation below the European average is not enough to fully convey the reality.

However, yesterday he announced the ministry’s intention to amend the way prices per unit of measurement are indicated on products on supermarket shelves. In other words, the ministry is considering writing this information on the labels in larger letters compared to today, so that the consumer can more easily obtain relevant information and have more opportunities to compare prices. It is possible that the relevant provision will be included as an amendment in the bill on consumer protection, which was introduced in parliament yesterday and will be discussed next week. In any case, there will be a dialogue with the retail business, and especially with supermarket chains.

We remind you that even today there is an obligation to indicate the price per unit of measurement, but the price indicated on the respective labels in very small letters compared to the price of the package.

On the other hand, it seems that the possibility of legislative inclusion of more branded goods in the “household basket” is excluded. In fact, Mr. Georgiadis directly blamed the industry, stating: “We have not yet reached an agreement on this issue. Although the industry itself (Association of the Hellenic Food Industry) asked for this, we have not seen shocking proposals from the industry. If only industries will be engaged in marketing, I am not interested,” the Minister of Development emphasized.