VAT hikes, consumption drop create vicious cycle in food retail
A vicious cycle created by the drop in consumption and the value-added tax hikes has led to several retailers and suppliers raising their prices to offset losses, in turn aggravating the situation further for consumers and the market itself.
This explains the 7.2 percent annual drop in supermarket turnover recorded in May year-on-year by the Hellenic Statistical Authority and announced on Friday, as Greek consumers are cutting down even on their food spending to meet their other obligations.
Smaller food retailers, such as butchers and grocers, saw a 7.4 percent annual drop in May.
You may be interested
23 christians killed in Egypt!makis - May 26, 2017
Gunmen opened fire on two buses and a truck carrying Coptic Christians in Minya, Egypt on Friday, killing at least…
Students slightly injured after school bus capsizes in Serres, northern Greecemakis - May 26, 2017
One child suffered a fracture when a school bus from the Vamvakofyta primary school was run off the road by…
Papademos -bleeding- carried into the ambulance! (video)makis - May 26, 2017
A shocking video from the moments after the bomb attack against the former Prime Minister of Greece Lucas Papademos in…