Supermarket premium prices recorded their first fall in May since they began to rise, falling 1.25 percent compared to the same month last year, according to the Retail Consumer Goods Association (IELKA).
Apostolos Petalas, Secretary General of the Greek Supermarkets Association, pointed out: “It is true that inflation in Greece and other EU countries has been on a downward trend since November last year and is gradually continuing. This applies to overall inflation and food inflation. In Greece in particular, overall inflation fell significantly, especially in May. Based on data from the Hellenic Statistics Agency (ELSTAT) to be released in mid-June, we expect food and consumer goods inflation to also fall significantly.”
“The price declines are much greater, especially for food and consumer goods sold in supermarkets. We are in fact experiencing deflation with an overall fall in prices,” Petalas stressed.
Government measures to address high prices have also contributed to lower prices, Petalas said.
He further predicted that “the trend towards cuts will continue in the coming months, both in Greece and in other EU countries.”
Development Minister Costas Skrekas recently stressed that the government’s efforts to tackle high prices and curb price gouging and profiteering are already producing results, creating the conditions for further price reductions.
