Data highlight greedflation

Corporate profits accounted for 50% of Greece's GDP price deflator - the tool measuring the extent to which the economy's growth is due to price hikes - in the first quarter of 2023, a percentage that is the third highest among EU member-countries, according to the Greek market watchdog.

At the same time, the contribution of labor costs - cited by several companies to justify price hikes - was only 35%, which is the second lowest in the EU and shows one of the reasons why high prices are affecting a large number of households. The tax contribution was just 15%.

The above figures are included in the Competition Commission's latest newsletter published on Monday, with a clear suggestion of the link between inflation and excessive corporate profits, in other words the phenomenon known as greedflation.

It is no coincidence that, in his message, the president of the...