Inflation

Notably, self-sufficiency in key commodities like beef, pork, cow's milk, and butter remains notably low, ranging from 20% to 60%, underlining the vulnerability of the supply chain

Conversely, the growth forecast in 2023 lowered to 2.2% of GDP instead of previously announced 2.4%

Across the European Union, annual inflation reached 3.4% in December 2023, rising from 3.1% in November marking a significant decrease from the 10.4% recorded one year earlier

The Greek economy is facing 8 chronic "ailments" fuelling inflation which can be distilled to a mix of Greed for profits by businesses “Greedflation”, dependence on domestic production and consumption on imports, the pandemic, the energy and climate crisis, along with low wages

According to the Numbeo online platform, a liter of milk in Amsterdam costs 1.18 euros, while in Athens, it is 1.63 euros

This data confirms recent figures released by the European Statistical Authority (Eurostat), according to which inflation saw a spike in both Greece and the Eurozone as a whole in December

Higher costs of living, especially 'biting' prices on supermarket shelves, has emerged as a priority for the Mitsotakis government to handle and deflect criticim

However, supermarkets and department stores saw a decline in EBITDA profits by 9.06% to a 613.3 million euros in 2022 compared to 674.5 million euros in 2021, as this sector had experienced unprecedented profits during the pandemic period of 2020-2021

Inflation rates will remain above the ECB limit (2%), not only for 2024 but also for 2025, something that will continue to test the resilience of consumers, especially if new geopolitical challenges arise that might exacerbate the already precarious situation

Inflation in the Eurozone stood at 2.9%

High inflation and interest rates, with the latter easing at a slower rate, is the forecast from National Bank of Greece (NBG) chairman Gikas Hardouvelis, who is also the new president of the Hellenic Banks Association (HBA). Speaking at the annual Hellenic Finance and Accounting Association conference this month in Athens, Hardouvelis, a former Greek […]

Better marks given for tourism, digitization of state services, defense and its handling of bilateral relations with Turkey

Annual inflation rate in the Eurozone at 2.4% last month

Consumer will find most goods more expensive for this year’s Christmas table

This development can be primarily attributed to a significant decrease in the prices of natural gas (-53.2%) and fuels-lubricants

Fitch sees the ECB announcing a reduction, by 75 basis points, in rates as of June 2024, and dropping to 3.75 percent by the end of 2024

UniCredit projects Greece will achieve its inflation target of 2% in 2024, aligning with the European Central Bank's goal

Food, alcohol, and tobacco will exhibit the highest annual rates at 6.9 percent in the Eurozone