The prices of products in Greek supermarkets saw an average year-on-year decline of 1.56% in July, according to a new survey by the Institute of Consumer Goods Retail Research (IELKA).
The study, which examined 23 supermarket product categories across supermarkets in Greece, found prices declining across 13 categories.
The biggest decline was seen in the fresh fruit and vegetables category (-7.34%) as it benefited from better weather conditions compared to 2023.
For other categories, price declines resulted from the normalisation of the market, following the pandemic, and the reduction in producer prices for some products.
Market Trends
Prices of detergents and cleaning products fell 6.77%, while stationery, cosmetics and toiletries registered a decline of 6.32%.
Elsewhere, food and pet food prices were down 5.19%, and the baby and children's food category also witnessed a 3.72% decline.
Ten product categories witnessed an increase in prices due to seasonal demand and increased international raw material prices, such as sugar and cocoa prices, and other production costs.
The biggest increases were seen in fresh fish and seafood (+5.90%), followed by appetizers, salted and other food preparations (+5.11%), groceries (+3.65%), alcoholic beverages (+3.21%), and biscuits, chocolates and confectionery (+3.01%).
Price Stabilisation
In recent months, prices have stabilised in large food stores due to the high volume of products they handle, economies of scale, organisational and technological readiness, and the availability of a range of private-label products, IELKA noted.
Intervention from the government has also helped stabilise prices as supermarket chains operate within a strict institutional framework.
More offers and discounts in the organised retail channel have helped reduce the final prices of products.
The study also found the sales share of private-label products to be higher in larger supermarket chains.
