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Financial News: 2011 brings price hikes due to VAT rise, but also reductions for meds, tourism services

Δημοσίευση 3 Ιανουαρίου 2011, 10:28 / Ανανεώθηκε 27 Ιουνίου 2013, 14:55
Financial News: 2011 brings price hikes due to VAT rise, but also reductions for meds,  tourism services
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The advent of 2011 has brought with it price increases in a wide range of staple goods and mainly foods, public transport, cigarettes, entertainment and utilities, while the prices of some 12,000 medicines will be reduced and electricity rates for about 1.2 million low income households will also decline.

The advent of 2011 has brought with it price increases in a wide range of staple goods and mainly foods, public transport, cigarettes, entertainment and utilities, while the prices of some 12,000 medicines will be reduced and electricity rates for about 1.2 million low income households will also decline.

Rises will result in the prices of a sweeping range of products and services on the market and utilities due to the increase of the 11 percent VAT to 13 percent as of January 1, 2011. These include food products sold in supermarkets, bakeries, vegetable and fruit shops and meat shops, at restaurants and all eating establishments, cafeterias and sweet/pastry shops, as well as cinema, concert and other events tickets.

Utility bills -- electricity, water, natural gas -- are also being moved to the 13 percent VAT category, as are the public transport tickets -- buses, metro, trains -- and also taxi rates.

However, the 11 percent VAT rate is reduced to 6.5 percent for medicines and also for tourism services.