Rising commodity prices and oil volatility are forcing Greek companies and officials to reassess budgets and prepare contingency measures as the Middle East conflict clouds the economic outlook.

This change, returning the VAT on served coffee, tea, cocoa, and other beverages to 24% after a pandemic-induced reduction to 13%, translates to an 11% increase in prices.

What is more, Greece is gearing up for price hikes, after the government's decision to introduce a new levy termed 'contribution for resilience to climate change'

Notably, self-sufficiency in key commodities like beef, pork, cow's milk, and butter remains notably low, ranging from 20% to 60%, underlining the vulnerability of the supply chain