ELSTAT: Rising Living Costs in Greece, Avg. Spending Up 5.3% 2023

According to the Hellenic Statistical Authority, (ELSTAT), the rise in the cost of living has significantly impacted households in Greece, resulting in an increase in their average Greek household spending for 2023.

Specifically, the average annual household expenditure for purchases in 2023 amounted to 20,223.36 euros (1,685.28 euros per month), marking a 5.3% increase in current prices compared to 2022.

Households that rent their homes allocate an average of 16.8% of their budget to rent expenses.

The share of the average expenditure on food and non-alcoholic beverages and housing for the poorest 20% of the population is 55.8% of their expenses, while for the wealthiest 20% it stands at 24.8%, according to ELSTAT.

The highest average annual expenditure was recorded in the Attica region, amounting to 23,325.96 euros, while the lowest was in Central Greece, at 14,052.24 euros.

The average annual household expenditure in 2023 shows a 20.5% decrease compared to 2008.

In constant prices, household spending increased by 1.7%, 347.16 euros, due to inflation, with the 2023 Consumer Price Index at 3.5%.

The average annual spending per person in 2023 reached 8,358.24 euros, showing an 11.2% increase, 841.92 annually, compared to 7,516.32 euros in 2022.

The largest shares of Greek household spending in terms of current prices are in Food and non-alcoholic beverages (20.7%), Housing (14.1%) and Transportation (13.1%)

The smallest share (3.4%) goes to education, alcoholic beverages, and tobacco.

The largest percentage increase in household expenses compared to the previous survey (2022) is in Restaurants, cafes, and hotels (15.9%), Recreation and culture (7.0%) and Health (6.3%), conversely the smallest increase is in alcoholic beverages and tobacco (0.9%).

Source: tovima.com