Greeks cut down on basic food items

Many households in Greece had to cut back on basic food items in 2023 so they could cover other needs, under the suffocating pressure of shrinking disposable income. This, of course, does not mean that they paid less, as the average monthly expenditure for almost the same items increased.

Food price hikes, which continued in 2023 for the third consecutive year, resulted in the average household spending just over a fifth of its monthly expenses on food. Even more painful were the hikes on food items for the poorest households, as spending on this category of goods corresponds to a third of their total spending, as shown by the Family Budget Survey for the year 2023 published on Friday by Hellenic Statistical Authority (ELSTAT). If housing costs are added, then an average household spends 34.1% on food and housing, a percentage that for the poorest households reaches 55.8%.<...