Fears were mounting on Friday that the cost of essential goods, which started rising even before the termination of VAT relief measures, will be catapulted even higher in the event of Israel striking Iranian oil facilities in the midst of an escalation of the Middle East conflict.
Household essentials are in fact rising at three times the rate of inflation, Philenews reported,while European Central Bank President Christine Lagarde warned of an expected an increase in inflation in the Eurozone during the last months of 2024.
An important factor for the consideration of consumers is that of the bigger picture-how much the prices of basic goods have shot up over the past four years, when prices across the board were significantly lower. Falling inflation and prices returning to pre-inflation levels are not to be confounded.
In four years, the general costs of goods increased by almost one fifth (18.5 per cent) and food by almost a quarter (24.1 per cent).
Analysts estimate that price hikes have become entrenched and are set to remain at these high levels.
Between July and August, basic food items, in particular vegetables and fruits, saw further significant hikes, jumping by 25 per cent.
The national statistics office on Thursday showed that the food price index – a measure of the monthly change in a basket of food commodities – rose by close to four per cent in September, compared to September 2023.
The consumers’ association in its data analysis gave a detailed breakdown of the rising costs, showing that the cost of potatoes shot up by close to a fifth (23.3 per cent) in August. Other vegetables and meats saw more moderate rises between one and six per cent, compared to August.
The price of electricity decreased by close to three per cent, compared with last year, but as of November the graduated state subsidy will come to an end with the price expected to rise once more.
Cost of diesel and gasoline fell by 13.5 per cent and 11.9 per cent respectively.
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