Food Price Hikes Taking a ‘Bite’ Out of Greek Households’ Budgets

Consumers in Greece are paying nearly five times more for essential food items than shoppers in other European countries, according to the latest Eurostat figures.

Despite the Greek government imposing hefty fines on price gouging and placing a profit ceiling on certain items, supermarket prices continue to rise unabated, with producers and wholesalers citing surging costs due to the wars in Ukraine and Gaza, supply chain disruptions, and even rising energy tariffs.

The Eurostat data on year-on-year changes in the price of essential food items in the Eurozone and individual member-states reveal an ominous situation for Greek households, compared to the European average and even with products exported by the country.

Take olive oil, for example, of which Greece is traditionally the third largest producer worldwide after Spain and Italy. In the cooking oils and fats category, prices in Greece rose a whopping 31.5% from Nov 2002 to Nov 2023, when the date was published, compared to an EU average of just 5.9%.