JP Morgan warns of impending global food supply crisis

JP Morgan has issued a warning regarding an impending “global storm” in food supplies, which is expected to become more pronounced by 2027.

In Greece, while harmonized food inflation showed a decrease of -4% in July according to Eurostat data, Greek Development Minister Takis Theodorakakos noted that this does not warrant complacency. He highlighted that cumulative food inflation has exceeded 36% over the last six years. While the harmonized figure includes foreign visitor spending, the national inflation rate for the “Greek basket” remains in positive territory with a slight annual increase of 0.4%.

To combat rising costs, the Greek government has established a safety net involving agreements with suppliers for voluntary price reductions of approximately 7% on basic food items. Supermarkets have also committed to additional discounts of 1.5% to 2%. However, concerns remain as energy crises and volatility in the Strait of Hormuz continue to impact oil prices and overall economic stability.