Greedflation sweeps market

The "inflation of greed" in the Greek market during the period of the pandemic and the energy crisis was confirmed on Thursday by data from the Parliamentary Budget Office (PBO).

According to its quarterly report, presented by its coordinator, Professor Ioannis Tsoukalas, of the total 16% increase in inflation between the fourth quarter of 2019 and the first quarter of 2024, the share of profits was 9%, compared to only 4.1% of labor costs.

"The analysis shows that earnings contributed more than twice as much to cumulative growth in deflated GDP through 2024 as wage costs," the report notes. In contrast, in the eurozone, labor costs have made a strong contribution to inflation, at around 10%.

As pointed out in the report, "businesses, either for reasons of weak competition or due to increased demand that came from the increased savings stock of households and...