Greek Consumers Faced with More Price Hikes This Fall

Greek market experts are forecasting a 15-20% rise in the price of basic goods, coffee, and cocoa in September.

Returning from their holidays, Greeks will be faced with another round of price hikes for basic goods such as milk and butter.

According to a report in To Vima, prices for are set to increase by 15 to 20%. Items expected to mark increases include coffee and cocoa, the price of which already rose earlier this year, as well as dairy products, fresh juices, soft drinks, fish, and tea.

Speaking on MEGA channel, Panagiotis Georgiadis, representing the country’s consumer institute INKA, said the hikes are expected in September and will mainly affect F&B businesses that serve coffee, the price of which, he said, will increase to around 4 euros.

According to ELSTAT data, inflation in July increased by 2.7% from 2.3% in June and food inflation by 2.4% from 2.1%.

Georgiadis added that water shortages and drought as a result of the fires combined with increasing tourist flows will further boost prices. In July, the cost of olive oil soared.

Meanwhile, earlier this week, an EU report found that Greece was below the EU average at 19.2% with regard the cost of living.

Source: tovima.com