The contraction in the real purchasing power of households in Greece has been caused by the dramatic increase in prices over the last three years – an increase that, particularly in terms of food, where most of the income of the Greek family is consumed, was greater than that of the eurozone.
In 2024, according to updated Eurostat data, per capita purchasing power of households in Greece declined compared to 2023 and stood at 79% of the European Union average, while compared to the eurozone average it shows an even greater deviation, of the order of 35%.
The analytical data show that, despite any slowdown in inflation, the prices of basic food items compared to 2022 remain at extremely high levels, which in some cases, such as beef, reach 65%.
The fact that in many cases the increases are much higher than the eurozone average reveals both the inability of government measures to contain price hikes and the structural problems of the domestic market. They also explain why inflation continues to be the main problem for households according to all relevant opinion polls.