A recent study by Greece’s Research Institute of Retail Consumer Goods (IELKA) reveals that food prices in Greece have surged by 38.97% over the past 15 years. While this increase is notably lower than the EU average, stagnant income growth has left Greek households grappling with the rising costs.
Between 2021 and 2024 alone, food prices in Greece jumped by 28.50%, averaging a 9.50% annual increase. Across the EU, food prices rose by 28.94% over the same period, with an annual hike of 9.64%. Over the full 15-year span, however, the disparity widens: EU food prices soared by 56.17% (an average of 3.74% per year), compared to Greece’s more modest 2.59% annual rise.
Despite the slower pace of price increases, Greek households face a tougher reality due to limited disposable income. From 2010 to 2023, food prices in Greece climbed 34.81%, while per capita disposable income grew by just 14.79%, inching from 17,005 euros to 19,520 euros. In contrast, EU disposable income rose by 46.29% over the same period, climbing from 19,174 euros to 28,050 euros per capita—a growth rate over three times higher than Greece’s.
The study highlights one exception where Greece outstripped the EU: fats and oils, driven largely by a sharp spike in olive oil prices over the past two years. Elsewhere, Greece’s food price increases remain below the European norm.
IELKA analysts underscore that income levels are critical to understanding the impact. “While Greece has seen relatively smaller price increases compared to the EU, these rises hit Greek households harder due to significantly slower income growth until 2021,” the report notes. Although Greek incomes have begun to edge closer to the EU average since 2021, the study argues that a faster alignment is essential to relieve the financial pressure on consumers.
In short, while Greece may fare better than the EU in tempering food price hikes, the lag in disposable income continues to squeeze household budgets.