The mystery of runaway prices

Outrageous discounts are the first "mystery" in the Greek market, with supermarket chains successively advertising 50% off specific products. Are they selling below cost to drum up new custom? Probably, but then we see those same products going for half-price at every other supermarket. 

Low uptake of own-brand products is another paradox, with Greece seeing generics represent just 16.3% of fast-moving consumer goods (FMCG), against 51% in Spain, 49% in much wealthier Switzerland, 47% in the also wealthier UK, 44% in Belgium etc.

The government claims that the high cost of products stems from "imported" inflation, which is partially true, when coupled with domestic greed. According to a study by the Research Institute of Retail Consumer Goods (IELKA), the so-called household basket is more expensive (before VAT) only in five other European Union countries, compared...