Food prices in Greece consistently higher than richer EU countries: Report

While its gross domestic product (GDP) per capita in purchasing power standards in 2021 was 65% of the average for the EU, the country is more expensive compared to the bloc’s richer countries such as Germany and France, the daily Kathimerini reported.

According to the daily, skyrocketing food and energy prices because of the ongoing war in Ukraine are not the only reason behind this state of affairs, although they have worsened the effects of rising inflation over the last 12 months.

Mostly domestic dynamics of the Greek economy are responsible for the higher food prices, it said, adding that the country mainly depends on imports for primary and secondary materials and its small domestic market does not favor price competition from local or international suppliers.

“Therefore, it is seen as little coincidence that during this most recent crisis, food inflation in Greece has consistently been higher than in the eurozone from last November to August, with the gap even widening by 3.8 percentage points,” it said.

Source: Anadolu Agency