Food Prices in Greece Surge by 38.97% in Last 15 Years

Food prices in Greece increased by 38.97% over the past 15 years, according to the latest study released this week by Greece’s Research Institute of Retail Consumer Goods (IELKA).

Between 2021 and 2024, the cost of food in Greece increased by 28.50%, reflecting an average annual rise of 9.50%. In comparison, EU food prices climbed by 28.94%, with an annual increase of 9.64%.

While food prices in Greece have risen, the rate of increase is still significantly lower than in other EU countries. According to the study’s findings based on Eurostat data, food prices across the EU rose by 56.17% during the same 15-year period. On an annual basis, Greek food prices increased by an average of 2.59%, compared to 3.74% in the EU.

However, disposable income in Greece is still much lower than the EU average.

Other key findings:  

• The sharpest price hikes occurred after 2021, both in Greece and across the EU.
• Between 2010 and 2011, Greek food prices rose by 8.14%, but the annual average increase from 2010 to 2020 was just 0.67%, compared to 1.75% in the EU.
• Food prices in Greece remained stable between 2010 and 2020.
• Greece saw lower price increases in eight out of nine food categories compared to the EU, including bakery products, confectionery, and fruit.
• The only category where Greece outpaced the EU was fats and oils, mainly due to a sharp rise in olive oil prices over the last two years.

IELKA analysts stress that disposable income must be considered when comparing Greece to the rest of the EU. From 2010 to 2023, food prices in Greece rose by 34.81%, yet disposable income increased by only 14.79%—from 17,005 euros to 19,520 euros per capita.

Over the same period, EU food prices rose by 52.64%, but disposable income grew by 46.29%—from 19,174 euros to 28,050 euros per capita, a 214% increase compared to Greece.

The study concludes that while price increases in Greece have been more moderate than in the EU, the slower growth in Greek incomes has made these hikes harder for households to absorb. “The relatively smaller price increases in Greece impact Greek households more than in the EU due to significantly slower income growth until 2021,” the study states.

Although income levels in Greece have started aligning more closely with the EU average since 2021, the IELKA report emphasizes that faster convergence is needed to ease the financial strain on Greek consumers.