Greeks’ soaring grocery bills
Food prices have been growing at twice the rate of the average income since 2021, forcing households to either reduce consumption of basic items or to increase the percentage of their income that they allocate for food items, while cutting from elsewhere.
Food prices have risen by at least 30% since the beginning of the inflationary crisis, and this forces the average household to tackle a tough dilemma: Either allocate more than 20% of its monthly income to food expenses alone, or cut back of consumption in items that are classified as absolutely necessary.
From 2021 to end-2023 the average salary in Greece increased by 12% (from 1,117 euros in 2021 to €1,251 in 2023).
In the same period, the food price index increased 25% from 102 points to 127.9 points, according to data from the Eurostat Price Observatory.
The way households fared during 2023 will be captured in September in the annual survey of family budgets. Data show that there will be a further decline in consumption – as was the case with last year’s survey – but also an increase in the ratio of food expenditure to total income, especially in low- and middle-income households.
