The prices of products in supermarkets remained almost unchanged in March 2024, showing a marginal increase of 0.28% on average compared to the corresponding month last year, according to a survey by the Institute of Retail Consumer Goods Research (IELKA).
Significant drop compared to February
According to IELKA’s survey, conducted exclusively in large supermarket chains on price trends and inflationary pressures, the apparent drop of the price index in March 2024 indicates that supermarket chain inflation stands at 0.28% compared to 2.70% in February 2024.
Price drop in 10 categories – Rise in 13
Of the 23 product categories, 10 showed a decrease and 13 showed an increase. In particular, the biggest price reductions were recorded in the following categories:
Stationery, diapers & napkins: -5.21%
Lenten: -4.37%
Charcuterie: –3.78%
Cheese: –2.98%
Dairy: -2.96%
It is noted that in dairy and cheese products, the reductions recorded are the result of both the normalization of the market after the pandemic and the reduction in producer prices for some products.
The biggest increases were recorded in the following categories:
Water and soft drinks: +9.40%
Nuts and snacks: +5.02%
Ready meals: +4.62%
Dry grocery food: +4.57%
Biscuits, chocolates, sweets: +4.31%
As noted by IELKA, most of these items are affected by the international prices of raw materials and especially the prices of sugar and cocoa as well as olive oil.
The drop in prices was attributed mainly to the government measures, including the measure fof the abolition of promotional actions for three months.
More specifically:
Gradual reduction in inflation
Strict institutional framework
High stock turnover rate
Offers and discounts
Impact of private label products
