Food prices keep growing

Alarming data emerged for Greece from Eurostat’s final data for June’s European Union-harmonized consumer price index: Last month Greece recorded the highest monthly increase at 3.3% in prices in the food category not only in the eurozone, but throughout the European Union. In fact, the increase recorded in food prices in June compared to May was even higher than that in Turkey.

According Hellenic Statistical Authority data, the monthly change in food prices was 2.1%, an increase lower than that given by Eurostat, but equally worrying, as it is the second highest recorded after the outbreak of the war in Ukraine (2.5% in March 2022).

Notably after April (that was the exception with a 0.1% index decline), prices have increased in June for the second month in a row.

Therefore cheese products and especially those produced from goat and sheep milk, such as feta and graviera, now look like luxury goods based on prices, even in supermarkets, reaching 13 and 15 euros per kilo respectively. Likewise the price of fresh milk has been consistently high since last year, while one of the cheapest summer fruit, watermelon, is being sold this year for 1 euro per kilo. It should be noted that the price of milk remains at the same high level as last year, despite the fact that the producer price has fallen, without of course having reached pre-Ukrainian crisis levels.

Data from research institute ELGO-DIMITRA show the average price of cow’s milk in April was around €0.52/kg, compared to €0.57/kg at the beginning of the year and €0.60/kg last summer. The average producer rate of sheep’s milk has stayed at €1.55/kg, showing only a marginal decrease from the high of €1.57/kg. In early 2022 the average producer price had been €1.17/kg.

Even the wholesale price of feta, such as the one supplied by bakeries for cheese pies, has increased to €8.5/kg from €5, while new price lists with increases are arriving from suppliers, for example in cold cuts (7% markups), poultry and eggs.