The annual shift in the cost of consumer food dropped to 5.3% in February 2024, from 6.2% in January 2024, according to a report released on Monday by the Organization for Economic Co-operation and Development (OECD).

The decline in food prices in industrialized countries to the levels before the Russian invasion of Ukraine is in contrast to the situation in Greece, where despite a downtick of the rate of inflation in February to 2.9%, on an annual basis, from 3.1% in January, food prices remained high, with the price of olive oil, for instance, jumping by a whopping 63.7% in a year.

Basic food costs and other staple products in Greece like bottled water, soft drinks and fruit juices recorded an increase of 13.8%, and fruits were up by 12.3%. Specifically, data from ELSTAT indicate that prices in the foods and non-alcoholic beverages category increased by 6.7%, significantly higher than the OECD average.