VAT hikes, consumption drop create vicious cycle in food retail

30 July 2016
123 Views

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

Turkish deputy-Prime Minister accuses Greece of oppressing religious minorities in latest Turkish tirade against Greece
GREECE
shares51 views
GREECE
shares51 views

Turkish deputy-Prime Minister accuses Greece of oppressing religious minorities in latest Turkish tirade against Greece

makis - Nov 17, 2017

Turkish Deputy Prime Minister Bekir Bozdag accused Greece of imprisoning Muslim Imams, despite the country being a member of the…

Greek PM says country would rely on itself to face flood disaster
POLITICS
shares64 views
POLITICS
shares64 views

Greek PM says country would rely on itself to face flood disaster

makis - Nov 17, 2017

Greek PM Alexis Tsipras thanked European countries for offering to help after the flash floods in western Attica, Wednesday, which…

US meteorologist explains deadly storm that flooded Greek towns
GREECE
shares88 views
GREECE
shares88 views

US meteorologist explains deadly storm that flooded Greek towns

makis - Nov 17, 2017

“When the Atlantic hurricane season begins to quiet down in late October and November, it’s time to cast an eye…

Leave a Comment

Your email address will not be published.