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Wages are down & prices are up November 23, 2012

Posted by proeconomia in Main, News on Greece, On the crisis, Opinion.
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Well, tell us something we don’t know. Here is the article (in Greek) where the following numbers are given: during the two years of 2011-2012 there was an average decrease in household income of 22% with an additional 6% expected for 2013. At the same time prices on basic goods increased by 27.6% where average inflation was 6%. Who’s to blame? Higher taxes, higher energy prices and higher prices of imported goods. OK, the disfunctional market structure, the fixed mark-ups, the monopolistic behavior of food supply chains, the unwillingness to enforce competition etc. etc. are also (the most) important factors but, what the heck! Blame it on oil! But have a look at this chart as well and make your own decision…

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