According to a research conducted within 2012, Greek consumers seem to have access to cheaper basic products at supermarkets than do other European citizens.
According to a study conducted by the Institute of Retail Consumer Goods (IELKA), which was published on March 19, the average price of 20 basic products at Greek supermarkets is lower than other similar ones in Britain, France and Spain, daily Kathimerini reports.
The Greek shopping basket is 24% cheaper than its equivalent in the UK, 30% less than in France and 1.5% lower than in Spain.
Value-added tax, which is comparatively higher in Greece, represents an important share of retail prices in this country. If we deduct the VAT, then Greek prices are 44% cheaper than in the UK, 39% below the French average and 8.5% lower than in Spain.
The IELKA survey shows that prices have actually declined in Greece given that both suppliers and retailers have been trying to bring them into line with salaries and pensions, which have been significantly reduced due to the harsh economic circumstances the crisis-stricken country is trying to cope with.
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