Food Prices Increase in Greece: +38.97% in 15 Years, Compared to +56.17% in the EU
Friday, March 28, 2025
In the context of a targeted research by the Retail Food Research Institute (IELKA) on the food market, the evolution of prices in organized retail over the last 15 years was examined, compared to the European Union (EU) average, utilizing Eurostat data.
According to the findings, the increase in food prices in Greece was lower than that of the EU, with our country recording an average annual increase rate of 2.59%, compared to 3.74% in the EU.
"Sudden Increases" from 2021-2024
The largest increase was recorded from 2021 onwards, both in Greece and the EU. Specifically, from 2010 to 2021, prices in Greece increased by 8.14% (0.67% annual rate), while in the EU by 21.11% (1.75% annual rate).
From 2021 to 2024, Greece recorded an increase of 28.50% (9.50% annual increase), while the EU saw 28.94% (9.64% annual increase).
Product Categories: Less and More Affected
Analyzing individual food categories, in 8 out of 9 categories, Greece showed a lower price increase compared to the EU.
The largest deviation is found in bakery products and cereals (54% smaller increase than the EU), sweets and confectionery (50% smaller increase), and fruits (45% smaller increase).
The only category where Greece showed a higher increase was fats and oils, due to the skyrocketing olive oil prices in the last two years.
Available Income: The Purchasing Gap Between Greece and the European Union
However, the significant difference between Greece and the EU is found in available income.
In Greece, food prices increased by 34.81% from 2010 to 2023, but available income increased by just 14.79%, from €17,005 to €19,520 per capita.
In the EU, food prices increased by 52.64%, but available income increased by 46.29%, rising from €19,174 to €28,050, which is 214% more than Greece.
This gap largely explains the difficulty Greek consumers face in coping with the increasing cost of living.
Source: FoodReporter March 19th 2025 #1370, page 7.