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Food prices fall, most in last five years

EASTER shopping will not draw more money from Slovaks’ wallets than last year.  Food prices decreased almost each month over the last year and thus today people can buy more for the same sum than during the same period of the last year. 

Food prices keep falling.(Source: SITA)

A similar decline in food prices was visible for the last time in 2009, the Pravda daily wrote.

Only in February food prices decreased by almost 2 percent year on year, according to the Slovak Statistics Office. This is a result of a good corn harvest keeping prices of bread and pastries low. The drop in crude oil prices was important too, reducing energy prices. This is reflected in lower meat prices.

“Consumers should buy the whole assortment of pork meat and products from it cheaper than last year,” Anton Fabuš from the Púchovský Mäsový Priemysel meat processing company supplying three of the large Slovak retail chains told Pravda. It is selling popular smoked ham and rolls 9 percent cheaper than last year.

The decline in food prices means that the annual inflation has stopped for a while, but the 15-year comparison shows that prices keep growing. While a shopping cart of certain goods cost €100 in 2000, the customers had to pay €143 for the same products in 2013. This year it is about €140. On the other hand, the average wage in 2000 was €380; in 2014 it was €858. Thus wages grow faster than prices of food while the decline in food prices is a global trend. 

Topic: Economics

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