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Food Prices on the Rise

Greek traders are forecasting price rises for basic foodstuffs in the months ahead as a result of hikes in the cost of farm produce internationally. As a remedy, the National Confederation of Greek Commerce, (ESEE), is proposing a return to the cultivation of farmland and the commercial management of Greek produce, which it said would also contribute to a recovery of the economy.

Sharply reduced rainfall in the U.S., Russia, Kazakhstan and Ukraine is leading to steep rises in the prices of cereals, which is also seen affecting the price of animal feed. In Greece, cereal production has been reduced this year, while the sharp rise in the price of soya and corn, by 100% and 60% respectively, is expected to cause a new wave of price hikes, cutting further into the purchasing power of Greek households who’ve already seen big pay cuts, tax hikes and slashed pensions, and as food producers are having getting getting loans from banks.

According to ESEE, Greek poultry farmers are now selling their products at a loss and it said that Greek enterprises must now tap the growing turn of consumers toward local produce to help change the productive mode of the economy.

Author: A. Papapostolou
Saturday, August 18, 2012