Price hikes eat into households’ disposable incomes

The recent rise in retail prices has had a significant impact on households – reducing their purchasing power – as well as on employment, according to the Labor Institute of the General Confederation of Greek Labor (INE GSEE).

In a report it noted that the price hikes have eaten into 10.4% of the minimum salary, while in the case of part-time workers the hikes have amounted to 13.7% of their average salaries.

On an annual basis, households’ average monthly disposable income suffered a 7% reduction in December 2021, causing the institute’s analysts to speak of a “toxic cocktail” of price increases with the health crisis and the effects of the fiscal adjustment.