By Chrysostomos Tsoufis

Despite convergence with the Eurozone in most categories, food inflation in Greece is still running faster than any other Eurozone country.

In fact, we are in second place with 5.4% behind only Malta where March inflation was 6.2%.

Food inflation in the Eurozone ran at 1/3 the speed, to 1.7%.

OIL

The big difference is caused by the olive oil. Inflation in Greece was the second highest at 67.2% which is the 2nd highest value since 2005 when such measurements began. Only in Spain was it higher with 70% while the Community average is at 51.5%.

There doesn’t seem to be any light at the tunnel according to the producers, we will continue to have such a breakneck pace of increases in the coming months as stocks are almost depleted. When the new production comes with the good, then the situation will improve.

FRUIT

As of June 2023 fruit inflation in Greece is well above the Community average. In March we “made” a championship, far from Second with 12.5%, almost triple the value of the Community’s 4.9%. In fact, it was higher than the 12.2% in February.

Data from the central vegetable market of Rentis, based on Friday’s prices, show that compared to last year

  • kiwis have increased by 23% (€1.3 –>€1.6)

  • pears have increased by 25% (€1.2 –>€1.5)

  • tangerines have increased by 16.7% (€1.2 –> €1.4)

  • apples have increased from 7.5% to 22% depending on the variety

  • strawberries have increased by 200% (€1.5 –> €3)

VEGETABLES

In Greece, prices are increasing (4%), in the Eurozone they are decreasing (-4.3%). Only the Irish beat us with increases of 6.8%.

The corresponding figures of the Rentis vegetable market show increases:

  • 9% on carrots (0.55€–>0.60€)

  • 12% on spring onions (€1.2–>€1.3)

  • 16.67% in cabbages (0.3€–>0.35€)

  • 11.1%-14.5% in potatoes depending on the variety

  • 47% on imported garlic (€1.7 –> €2.5)

AVGA

Six times more inflation in Greece than the Eurozone 6.1% compared to 0.1% and of course first place. In the first quarter of 2024, inflation inexplicably accelerates in Greece and decelerates in the Eurozone. It is characteristic that in January Greece had 1.5% and the Eurozone 2%.

FISH SEAFOOD

“Traditionally” our country is in the first places. In March it “briefly lost the medal” as with 5.7% it was behind Austria, Romania and Malta. In the Eurozone the average at 2.2%

LAMB – GOAT

1 month before Easter – we are talking about data up to March 31st – Greece had the 6th highest inflation at 4.8% compared to 3.2% in the Eurozone.

The Minister of Development, Kostas Skrekas, with the Easter basket that premieres on April 24, aims at prices of €10/kilo or even lower, with livestock farmers characterizing the goal as ambitious (sic).

In wholesale, the figures show that at the moment the prevailing price is €9.5, roughly the same as last year.

FUEL

Fuel prices must be added to the above. Another week ended with Greek drivers paying the third most expensive petrol in Europe at 1,965/litre. Only in Denmark and the Netherlands is petrol more expensive.

The “interest” is that despite the events in the Middle East, oil has since March 15 increased by $1.7.

In the same period, the average price of unleaded in our country increased by 7 cents to €1,977/liter.

Market players are unable to explain it. Some point to the exchange rates of the dollar, others to the refineries, while the citizens do not stop to think that they are paying “Easter hats” from now on and fear the price they will see on the signs when the time comes for the trip to the village.

On the positive side, there are food categories where our country did better than average in March:

Greece Eurozone

Bread 1.2% 1.9%

Yogurt -0.4% 0.5%

Butter -2.5% 1%

Potatoes 8.8% 10.5%

Sugar -7.4% -1.4%

Coffee 0.7% 1.6%

Juices 11.3% 11.5%

Beer 2.5% 3.4%

Also, in pork, poultry, milk, cheese and various oils (seed oil, sunflower oil, etc.) we fall short of the Community average.