In its recent report, the Hellenic Statistical Authority (ELSTAT) highlights the significant changes in prices for 45 products and services during the period of December 2023-2022. The dramatic cumulative increase in the cost of living over the past two years exceeds 25%. Simultaneously, inflation reached 3.5% in December, up from 3% in November.
The newly announced measures by the government primarily focus on imposing a cap on the margin of gross profit for infant formula. However, essential food items, such as olive oil, which has seen a price hike of 58.5%, remain untouched by these adjustments. For instance, according to the Numbeo online platform, a liter of milk in Amsterdam, Netherlands, costs 1.18 euros, while in Athens, it is 1.63 euros. Athenians pay more for a dozen eggs compared to residents of Madrid, and a kilo of cheese is 3% more expensive than what Romans have to pay.
However, fresh produce, including apples, oranges, tomatoes, potatoes, onions, and cucumbers, is cheaper in Athens compared to other European capitals.
Furthermore, Greeks have less money at their disposal compared to other Europeans. According to the Organization for Economic Co-operation and Development (OECD), the average annual salary in Greece is 23,700 euros, while in Italy, it is 40,950 euros, in Spain, 39,095 euros, in Belgium, 59,154 euros, and in France, 48,131 euros.
Panagiota Kalapotharakou, president of the Consumers’ Association The Quality of Life (EKPIZO), spoke on MEGA TV about the issue of inflation and profiteering. “Inflation is the biggest problem facing Greek society right now. This is the third set of measures announced by the ministry to curb inflation. We have reservations about the new set unless they are specified and implemented. The crucial point is their effective implementation, which could lead to a reduction in prices. However, any reduction must be substantial.”
