A hard autumn awaits retail players, but we can overcome it

By: Trademagazin Date: 2023. 08. 25. 16:47

According to Vivien Czeczeli, a researcher at the Economy and Competitiveness Research Institute of the National Public Service University (NKE), the European champion food inflation resulted in a consumption shock, but the light at the end of the tunnel is slowly starting to appear. The specialist spoke to Index.

Based on the economic data of the past months, consumer prices in July exceeded a year earlier by an average of 17.6 percent, and although prices rose by an average of 0.3 percent compared to June, experts almost unanimously believe that the price increase may decrease to a single-digit value in November. At the same time, the latest GDP data was disappointing: in the second quarter, the gross domestic product decreased by 2.4 percent compared to the same period of the previous year, and also declined by 0.3 percent compared to the previous quarter.

However, the foreign trade balance already shows improving trends: in June, the value of exports calculated in euros was 11 percent higher, while that of imports was 4.7 percent lower compared to the same period of the previous year. As a result, the product foreign trade balance improved by 1.9 billion euros.