Last Update: 12:34
In Greece, food prices are generally more likely to rise than fall for consumers since retail prices are determined in accordance to the rate in which industry prices increase, with the difference being offset by the consumers paying more for goods, a Eurostat study has found.
Also, in Greece the food sector plays a role in determining the percentage of price increase or decrease for the retail price.
For instance, when there is an increase in the industry price for certain goods in a specific food sector such as breads and cereals, 19.7 percent of the industrial price increase is passed on to consumers against just 4.9 percent of the decline, meaning that it is easier for consumers to feel the impact of a price increase than a decrease.
Having a hike or decrease in the price of food trickling down to the final consumer price is not unique to Greece as other European countries such as the Czech Republic, Switzerland and Spain have a similar set up.