Even 45% more expensive, according to her data Hellenic Statistical Office (ELSTAT)we are paying for basic food items compared to last year because estimates of temporary revaluationwhich started before war in Ukraine and intensified after its manifestation, turned out to be false hopes. In fact, although there were ultimately no shortages of food, and the purchase ceilings imposed in the first weeks after the Russian army invaded Ukraine for some products such as flour, sunflower oil, sugar and chickens were not supposed to last, price increases not only did not hold back, but continues into 2023.

“Electroshock”

At high levels, despite a significant de-escalation in recent months, prices for electricity and natural gas also remain, the prices of which last year were even four times higher than in 2021, even after government subsidies to household bills. It is worth noting that the Average Market Clearing Price (MAP) on the Hellenic Energy Exchange last year averaged 279.39 EUR/MWh, an increase of 141% compared to 2021. In addition, the weighted average price of natural gas imports in 2022 was €116.3/MWh, representing a significant increase of 148% compared to €46.9/MWh in 2021, almost five times more than An increase in spending on food and other necessities, as well as “overstating” energy bills despite subsidies, resulted in more than half of households reporting that their monthly income was sufficient by the 18th of the month.

sugar high

For a “basket” of 25 products in March, we paid 76.26 euros. Today exactly the same products cost 91 euros.

Thus, from a comparison of the price level in January 2023 compared to January 2022, i.e. before the start of the war, but at a time when inflationary pressures were already manifest, it follows that for a total of 62 food products there is only one price reduction, and even then an infinitesimal one (0.02% for fresh fish), while for all other products prices rose from 0.29% (fresh fruit) to 44.96% (sugar). In fact, the increase is more than 20% for 14 types of food products, which include the most basic products such as milk (24.29% fresh with an even larger increase in other types of milk), bread (25.55%), flour (26.89 %). ), eggs (26.27%), cheeses (26.61%), yogurt (21.65%), olive oil (22.37%), beef (20.15%), lamb and goat meat (21.35% ).

To perhaps better understand the difference that exists in our visit to the supermarket during the year, suffice it to say that for “basket» with 25 basic products – food and household items – on March 1, 2022 we paid 76.26 euros, and now for exactly the same goods (of the same brand and code) we will pay 91 euros, i.e. 19.33% more money. In fact, in some cases the increase is even as high as 60%, such as branded toilet paper or detergents and shower gels, where price increases of more than 50% have been recorded. It is no coincidence that for these products, consumers are chasing offers that are quite extensive (mainly 1+1 gifts), or are turning to private label products, as is the case mainly in the stationery category.

The problem, of course, is that the price spikes that consumers are now seeing are not the last. For a number of reasons, a new round of growth in prices for food and consumer goods is expected. Firstly, because there are still stocks of raw materials purchased by industry at high prices, and secondly, in order to maintain a share, some companies have not shifted all increased costs to consumer prices, but will do it now, so as not to further reduce their profits and, thirdly, because the rise in prices for primary and secondary materials occurred with a time lag in relation to the rise in prices for energy carriers.

and services

Finally, a range of services such as hotels, food and, of course, transportation have made entertainment, even going to the movies or eating out, a luxury.