Greek households cut back on basic foods as inflation bites

Greek households are consuming less of basic food staples such as olive oil, bread, eggs, and dairy products, as inflation continues to erode purchasing power, according to new data from the Hellenic Statistical Authority (ELSTAT).

The 2024 Household Budget Survey, published on Thursday, shows that while household spending increased in nominal terms, it remains significantly lower than pre-crisis levels when adjusted for inflation.

In 2024, the average annual household expenditure reached €20,694.48, or €1,724.54 per month, reflecting a 3.6% increase from 2023 in current prices. However, in constant prices — adjusted for inflation — spending rose by just 1%, or €213.55, due to a 2.6% inflation rate.

Compared to 2008, the year before the financial crisis, household spending remains 16.6% lower, underscoring the long-term impact of economic instability.

Consumption declines despite higher spending

The rise in prices has forced households to reduce consumption across several food categories. The survey recorded year-on-year declines in the consumption of:

Olive oil: down 13.9%

Eggs: down 5.6%

Alcoholic beverages: down 5.5%

Bread: down 3.7%

Milk: down 3.6%

While food and non-alcoholic beverages accounted for 20.7% of total household expenditure in 2024 — slightly down from 21% in 2023 — spending in this category still rose 2.2% in absolute terms.

For lower-income households, however, food expenses remain a major burden. The poorest households allocated 33.5% of their total expenditure to food and beverages, highlighting growing inequality.

Housing and transport costs also rising

Other key spending categories in 2024 included:

Housing: 14.4% (up from 14.2% in 2023), with spending rising 4.5% in current prices

Transport: 13.3%

Hotels and dining: 11.8%

Health: 7.8%

Despite small gains in income, the data suggests that inflation continues to outpace earnings, limiting household consumption and widening the gap between economic classes.