The first signs of price relief in well over a year are emerging on the shelves of major supermarket chains, as July recorded the first year-on-year decline after seven consecutive months of increases in 2026. Notably, the last time negative inflation was recorded was back in December 2024. According to data from the Institute of Research of Retail Consumer Goods (IELKA), the supermarket price index fell by 0.47% compared to July 2025, while the month-on-month comparison with June 2026 showed an even steeper drop of 0.77%.
Market stabilization
This development reflects a market stabilization trend following a prolonged period of inflationary pressure. However, the picture is far from uniform — the price reductions do not apply across all product categories, and over a 12-month horizon, prices overall continue to trend upward. Specifically, in the period from August 2025 to July 2026, a cumulative increase of 1.37% was recorded compared to the same period the previous year.
The IELKA survey shows that of the 23 basic product categories examined, 11 recorded price decreases while 12 posted increases — a result that reflects the ongoing uneven landscape across the food and everyday consumer goods market. The steepest decline was seen in fresh fruit and vegetables, with prices falling 6.97% year-on-year, a trend attributed mainly to favorable weather conditions and higher agricultural output. Significant drops were also recorded in pet food and pet care products (-5.21%), as well as fresh and frozen dough products (-4.27%).
Further price decreases were seen in breakfast products and hot beverages (-1.98%), dairy and cheese products (-1.69%), detergents and cleaning supplies (-1.61%), paper goods, cosmetics and personal care products (-1.29%), frozen foods (-1.19%), and fresh fish and seafood (-1.17%). The smallest decline was recorded in fresh meat prices, which eased by just 0.25%. Despite the overall improvement, however, several product categories continued to see price increases. Ready-made meals posted the largest rise at 3.75%, followed by water, soft drinks and juices (+3.26%), eggs, butter and stock products (+2.99%), nuts and snacks (+2.79%), cold cuts and deli meats (+2.71%), and dairy products together with refrigerated juices (+2.63%). At the level of general indices, food prices declined by 0.25%, while the reduction was more pronounced for non-food items, where the relevant index stood at -1.47%.
National initiative
According to ministry sources, a national initiative aimed at reducing prices on essential goods is fully underway and is set to be implemented from August 31, with the voluntary participation of supermarket chains and the food industry. Officials also recall that the initiative was launched in late June, following a meeting chaired by Prime Minister Kyriakos Mitsotakis at the Maximos Mansion, with a follow-up meeting subsequently held under the auspices of Development Minister Takis Theodorikakos. Representatives from the food industry, suppliers and organized retail participated, and the framework of interventions was agreed upon at that session.
They also note that the Ministry of Development continuously monitors price developments in the market, through updates received from the head of the Independent Market Oversight and Consumer Protection Authority.
Published in Apogeumatini
