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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.

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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