Crisis Domino: From the Suez Canal to the Consumer's Basket

The ongoing instability in the Middle East and the repercussions at the Suez Canal are having cascading effects on the economy and consumer sentiment.

According to the Piraeus Chamber of Commerce and Industry (EBEP), the disruption at the Suez Canal affects global trade and imports, increasing the cost of raw materials, grains, and petrochemicals.

This increase affects energy, industrial raw materials, and technological products. At the same time, insecurity is created in exports to the Middle East and Africa.

The war increases the risk of an energy shock and threatens the food market, as 33% of globally traded fertilizers come from the Gulf region.

Data from the Foundation for Economic and Industrial Research (IOBE) show that Greeks are the most pessimistic consumers in the EU, due to the burden on manufacturing, retail trade and imports.