Price hikes in basic food products will be the legacy of 2022 to 2023 as they are expected to continue the upward trend. Food and general groceries went up to 44.88% since the beginning of 2022, the Greek Statistics Authority ELSTAT has said.
In a total of 64 products of this group monitored by the ELSTAT in November 2022 compared to January 2022, i.e. before the start of the war in Ukraine which intensified inflationary pressures, only one item, namely in fresh fish, had a lower price by 5.10%.
But January 2023 has further price hikes in food items and non-food products, as new price lists have already been sent to supermarket chains, predicting price increases on hundreds of products, which, according to senior industry executives, could be as much as 40%.
In their majority, the new price lists with increased prices come from multinational companies and mainly concern detergents, household cleaners, shampoos, pasta, stationery, pulses, soft drinks.
These are either price increases due to consistently high production costs or, above all, delayed pass-through of the increase in production costs to the retail price, as suppliers had previously chosen to contain them in an effort to maintain market shares.