Basic food continues to be more expensive
Consumers in Greece still pay significantly more for bread and meat compared to the other countries of the eurozone, as, despite the reduction of inflation, food price hikes continue.
Moreover, even in cases where the increases in Greece are now lower than those in the eurozone, they remain in double digits for several products, while per capita income has recorded a much lower increase. Also worrying are the messages from multinationals such as Unilever and Mondelez, which, one after another, are announcing continued price hikes in Europe in order to support their profits.
According to Eurostat data, food inflation was 14.1% in Greece in March 2023 compared to 17.9% in the eurozone. However, year-on-year price increases are much higher in Greece compared to the eurozone average in several products, most notably bread and meat, which is largely related to Greece’s heavy reliance on grain imports used for flour but also animal feed.
Therefore, in March 2023 bread prices in Greece increased compared to a year ago by 22.8% compared to 17% in the euro area, while overall meat prices in Greece increased within a year by 19.9% compared to 15% in the eurozone.
The discrepancy is significant in all types of meat, with the exception of poultry, perhaps thanks to Greece’s high self-sufficiency in this category. Beef prices in Greece have increased within a year by 21.4% compared to 11.7% in the eurozone, pork by 21.8% compared to 16.3% in the eurozone, while in lamb and goat, meat in which Greece is also self-sufficient, prices rose by 21.7% compared to 12.4% in the eurozone. Poultry prices in Greece have grown 14.6% compared to 17% at the eurozone level.
The price hikes in eggs and butter are higher in Greece, while the increases in milk and cheese were close to eurozone levels: According to Eurostat data for March, egg prices have risen in Greece by 23.3% compared to 22.9% in the eurozone and butter by 16% compared to 14.2% in the eurozone.
The price of fresh milk grew on an annual basis by 22.3% in Greece compared to 25% in the eurozone, while the price of cheese advanced by 25.7% compared to 26.6% in the eurozone.
