Food prices finally post a drop

High prices at supermarkets recorded a decrease in May for the first time since they started rising. They were down 1.25% compared to the same month last year, according to the Institute of Retail Consumer Goods (IELKA).

The general director of the Association of Supermarkets in Greece, Apostolos Petalas, noted: “It is a fact that inflation in both Greece and the rest of the EU countries has been on a reduction trend that began last November and is gradually continuing. This applies to overall inflation and food inflation. Especially in Greece, and particularly in May, we saw a significant reduction in overall inflation. Based on Hellenic Statistical Authority (ELSTAT) data to be announced in mid-June, a significant decline in the inflation of food and consumer products is also expected.”

Petalas highlighted that “especially for food and consumer products sold at supermarkets, the reduction is much greater. In fact, we have deflation with an overall fall in prices.”

According to Petalas, government measures to address high prices have also contributed to the reduction of prices.

He further estimates that “the trend of reduction will continue in the coming months both in Greece and other EU countries.”

Minister of Development Kostas Skrekas recently stressed that the government’s measures against high prices and in favor of limiting price increases and cases of profiteering are already yielding results, creating conditions for further reductions.