Greeks cut down on basic food items
Many households in Greece had to cut back on basic food items in 2023 so they could cover other needs, under the suffocating pressure of shrinking disposable income. This, of course, does not mean that they paid less, as the average monthly expenditure for almost the same items increased.
Food price hikes, which continued in 2023 for the third consecutive year, resulted in the average household spending just over a fifth of its monthly expenses on food. Even more painful were the hikes on food items for the poorest households, as spending on this category of goods corresponds to a third of their total spending, as shown by the Family Budget Survey for the year 2023 published on Friday by Hellenic Statistical Authority (ELSTAT). If housing costs are added, then an average household spends 34.1% on food and housing, a percentage that for the poorest households reaches 55.8%.
The average annual expenditure of households for purchases, in the year 2023, amounted to 20,223.36 euros (€1,685.28 per month), registering an annual increase of 5.3% (€1,600.34) compared to 2022.
At constant prices, the average annual household expenditure increased by just 1.7% or €347.16, due to the effect of inflation, which in 2023 was 3.5%. The average annual expenditure for each person, in 2023, amounted to €8,358.24, recording an increase of 11.2% (€841.92 per year) compared to 2022 (€7,516.32).
The largest percentage of Greek household spending, 20.7% against 20.9% in 2022, concerns the purchase of food items. In absolute figures this means €348.92 per month from €334.03 per month in 2022, an increase of 4.5%. Although Greeks spent more money on most of the main food categories compared to last year, by 1.2% in the case of flour-bread-cereals to 11.9% for olive oil, they consumed considerably smaller amounts.
The above means that Greeks paid more to buy less. Therefore, the average monthly consumption (in quantities) decreased in 2023 by 13.6% in regards to olive oil, by 12.7% in alcoholic beverages, by 11.8% in fish.
Greeks also ate 10.7% less rice, 6.1% less meat, 5.3% fewer eggs and 5.2% less milk and pasta. They even cut down on bread (-4.3%), fruit and vegetables (-4% and -3.4% respectively).
