High prices remain stubbornly attached to basic products and are even slower to return to levels of four years ago, despite inflation steadily declining over the past three months.
Indicative of what the numbers show is that in July the consumer price index recorded deflation of 1%, and it took several years to decrease from high levels. The previous time deflation had occurred, before the last three months, was in March 2021.
According to market officials, this was expected from the moment the price rally began after the outbreak of war in Ukraine. Thus, despite the fact that inflation has decreased significantly, resulting in price increases being limited or halted, prices need time to retreat.
Phileleftheros, using the latest available data from the Statistical Service, made a comparison between July 2021 and July 2025.
What emerges is that price increases over the past four years have been very serious and have been well incorporated into the prices of most products, which remain extremely expensive, regardless of the significant reduction in the rate of price increases.
Comparing the consumer price index for July 2025 with July 2021, the result shows that the average price increase over the four-year period was 13.8%, whilst the food price index increased by 17.7%.
Shocking increases
Olive oil prices on supermarket shelves have hit red and increased by 44.2% from July 2021 to July 2025. However, this is not the largest increase in food items. The biggest surprise in price increases over the five-year period comes from potatoes, with their price recording a cumulative increase of 73.5%, whilst vegetable prices increased by 14.3%.
According to Statistical Service data, over the four-year period beef and veal prices increased by 52%, lamb and goat meat by 52.9%, pork by 31.2%, whilst poultry saw a smaller increase of 12.8%.
Inflation also affected bread prices, one of the most basic food products, with increases reaching 22.6% over the four years, rice by 28.2%, whilst bakery and confectionery products recorded increases of 21%.
Dairy products were not spared from high prices. Fresh whole milk prices increased by an average of 14.3%, low-fat milk by 156.5%, preserved milk by 32.5%, yoghurt by 7.1%, cheese by 15.5% and eggs by 41.3%.
Beyond food
Beyond food, there are other services whose prices caught “fire” over four years. For example, electricity prices increased by 30.8%, gas (cylinder) by 35.6%, oil by 11.4%, petrol by 6.2%, spare parts by 20.1% and tyres by 23.4%.
The new car price index increased by 19%, used cars by 17.7%, motorcycles by 8.1% and bicycles by 6.42%. The price index for garage rental and parking spaces increased by 9.6%, passenger road transport by 24.95% and international flights by 5.2%.