Food prices have risen by 25% over the last two years (May 2021 – May 2023) which is costing Greek households more than 300 million euros per month.
Especially low- and middle-income families have been hit the hardest as they are now forced to spend even more than a quarter of their monthly income to meet nutritional needs without cutting back on purchases. The next government will be forced to consider new support measures for the weakest households as the announcements of the Hellenic Statistical Authority that showed an increase in prices in May compared to April (by 1.8 %) left open the possibility of prices remaining high ahead of strong demand during the summer period.
The average food expenditure of the approximately 4.1 million households according to the latest family budget survey (the latest data will be announced in September) was 308 euros per month. So, for the purchase of the same products today – and given the 25% revaluation – an amount of approximately 385 euros is required, while as long as the increases continue, so does the total bill.
Therefore, the monthly household basket costs 1.56 billion euros today compared with 1.25 billion euros in 2021 for the purchase of the same products.
The monthly additional cost is estimated at 313 million euros, while the solutions to deal with this issue are very specific:
1. Permanent increases in income.
2. Emergency support measures such as the market pass.
3. Measures to offset price spikes such as the reduction of VAT.
4. Changing the purchase mix.
