The market for basic consumer goods is reacting calmly to the reinstatement of the profit margin cap, with industry executives telling Naftemporiki that “prices are determined by raw materials and international developments, not by government-imposed caps,” implying that the measure carries a largely political dimension.
At the same time, they stressed that no sudden price hikes are expected for now, pointing to data from the Institute of Retail Consumer Goods Research (IELKA) indicating stability in food prices. However, official figures from the Hellenic Statistical Authority (ELSTAT) show that food inflation had already reached 5.2% in February, even before the latest international turbulence, highlighting the gap between the market’s reassuring statements and the actual pressure on prices.
Commenting on recent government announcements to address possible price increases due to international developments in the Middle East, a high-ranking industry executive noted to “N” that “in the first phase, it must be emphasized that the measures announced are preventive, as they seek to prevent a new wave of price increases. This in itself creates insecurity for the consumer, while so far no substantial impact on prices has been observed.”
The same executive pointed out that “there is a clear distinction between prices and inflation. The price of a product may be high due to increased raw material costs and low incomes, but this does not constitute generalized food inflation.
Despite the concern that businesses will increase profit margins, he said, “this is not going to happen” while emphasizing that “the cap cannot stop high prices if raw material prices increase.”
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