Shocking price hikes from 4 percent to 6.5 percent are expected in bread and dozens of other products based on flour as of end of November due to the increase in grains world wide.
Suppliers have already informed Greece’s supermarkets that price increase 4% to 6.5% are to be expected in bread and products based on flour, while the hikes in flour itself is expected to be between 7& and 10%.
Still suffering from the economic crisis Greeks will see unprecedented price hikes in what they mostly love to eat: bread!
According to newspaper Ethnos, the price hikes are to be gradually implement as of the end of November and reach their peak by the end of the year.
“Since September, we have been buying flour at a price 20%-25% higher. This will have a domino effect as the price hikes will inevitably pass to consumers,” a senior industry executive told the daily.
Bakeries keep a stand-by approach and haven’t increased their prices yet.
The president of the Bakery Federation of Greece, Michalis Mousios said “professionals in the area are watching with considerable concern the burden on the cost of raw materials, but they are not planning to increase their prices yet.”
However, if the phenomenon continues, it cannot be excluded that the price of bread sold in the bakeries will be increased as of the new year, Mousios added.
Some bakers told television channels “how can we raise the price of bread when there are still people turning the cent twice even when they come to buy their daily bread?”
Regarding the “root of evil”, Ethnos notes that unprecedented weather conditions in Europe and America, combined with high temperatures, prolonged drought and heavy rainfall, have led to a large decline in the production of agricultural products such as grains..
The daily adds that price increases of 20% have been already recorded in bread and goods based on flour in some European cities.
PS and as everybody knows, traders away round up upwards the increases, the rest is Greek trade history.