June 23, 2024

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Subtlety: Gasoline empties the wallet – more than 2 euros in Attica, up to 2.5 on the islands

Subtlety: Gasoline empties the wallet – more than 2 euros in Attica, up to 2.5 on the islands

At the same time as food purchases are being careful, the price of unleaded gasoline continues to rise, which has risen to around 2 euros, with market players concerned that it will rise further given the crisis in the Middle East.

Accuracy: Unleaded gasoline is expensive

Specifically, in 21 gas stations in Attica the price is more than 2 euros per liter and in 24 gas stations again in Attica the price reaches 1.99 euros per liter.

While in other parts of Greece prices were recorded:

  • Patmos: 2389
  • Milos: 2375
  • Sharif: 2,349
  • Sifnos: 2,322
  • Kythnos: 2301
  • Santorini: 2292
  • Naxos: 2269
  • Mykonos: 2267

Prices will rise further

At the same time, analysts from the French bank Société Générale and Citi made their estimates for oil prices, after recent developments in the Middle East and the Iranian attack on Israel. As a reminder, Brent crude has risen 3.5% so far this month – for the first time since October.

Analysts estimate that oil is expected to move to levels above $100 per barrel. Therefore, major banking groups expect that the price of a barrel will rise further and can be regulated as follows:

  • Citigroup: +$100 per barrel.
  • Goldman Sachs: +5-10 dollars per barrel
  • Société Générale: +140$/weight.

Fears of another strong blow to families

In Greece, where inflation remains higher than in most eurozone countries, a new rise in oil prices could lead to runaway fuel price hikes and supply chain disruptions, further fanning the flames on the inflation front.

If concerns about the path of oil prices are confirmed, the inflationary crisis will intensify, which will impose new burdens on Greek household incomes.

Annual inflation in Greece rose to 3.4% in March 2024 from 3.1% in February, in contrast to inflation in the euro area, which fell in March to 2.4% from 2.6% in February. Non-energy industrial goods and services showed higher annual rates.

“Unprocessed food inflation in Greece remains much higher than in the euro area,” according to the inflation monitor published by the Bank of Greece. The core inflation rate also rose to 3.4% in March 2024 from 3.0% in February, due to the rise in annual rates in its components.

Regarding food, according to this report issued by the Central Bank, increases in fresh food prices in Greece are still much higher than in the Eurozone.

In particular, unprocessed food prices rose in March at an annual rate of 7.2%, while in the euro area they fell by 0.1%. In contrast, processed food prices were almost the same in Greece and the Eurozone (3.7% versus 3.6%, respectively).

The purchasing power of citizens is in a deplorable state

Meanwhile, preparations have reached the final stage for the 24-hour national strike announced by GSEE, demanding wage increases, the restoration of collective agreements, and income protection from punctuality.

“At a time when punctuality has become a noose around the necks of workers, as inflation has exhausted their incomes and their purchasing power in tatters, at a time when GSEE has documented a proposal to increase to 60% of the average salary which is the poverty line plus productivity growth Estimated inflation: At a time when Greece ranks first in the share of business profits in national income but next to last in wages for private sector workers, the government announces a minimum wage that does not meet the needs of employees.

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The increases in no way guarantee conditions in which an employee receiving the minimum wage will not fall below the poverty threshold and enjoy an adequate standard of living,” stresses the relevant announcement by the GSEE.